Power- FG and GE Sign $350 Million Funding Contract

Federal Government signed a $350 million contract with General Electric (GE) to maintain the building of small-scale power projects across Nigeria

Speaking at the ceremony in Abuja, The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the contract would expedite the federal government’s ongoing efforts towards providing satisfactory power supply to industrial zones, as well as Small and Medium Enterprises (SMEs) across the country, in line with the Nigerian Industrial Revolution Plan.

Aganga and the Ministry of Power, Prof. Chinedu Nebo, signed on behalf of the federal government, while the Global Chairman, GE, Jeff Immelt and the Chief Executive Officer, Stanbic IBTC, Sola David-Borha; signed on behalf of their organisations. The fund would be managed by Stanbic IBTC Nigeria.

Aganga added that the new project was in pursuit of the ‘Country-to-Company’ partnership between Nigeria and GE in the area of attracting investments into critical sectors of the Nigerian economy.