LONDON Oct 3 U.S. industrial firm General
Electric plans to invest around $150 million in Nigeria
by 2017, a senior executive said on Monday.
"There are development projects where we are investing," Jay
Ireland, chief executive of General Electric in Africa told the
FT Africa Summit in London. GE would also invest in oil and gas
Growth in Nigeria - an OPEC member whose economy, the
largest in Africa, is in recession for the first time in more
than 20 years due to low oil prices - has been stunted for
decades by a lack of investment in its road and rail network.
Ireland said the Nigeria investment was part of a plan to
spend $2 billion in Africa in coming years.
But the $150 million Nigerian investment falls short of the
sum Nigeria's government has said GE would invest.
President Muhammadu Buhari, on Saturday in a speech marking
Nigeria's independence day, said GE was "investing $2.2
billion in a concession to revamp, provide rolling stock, and
manage" some of the country's railway lines.
(Writing by Ulf Laessing and Alexis Akwagyiram, editing by