The Nigerian government has commended General Electric (GE) for pumping the sum of 350 million dollars into the power sector to develop the sector and small businesses, saying the fund has made a remarkable impact in the sector.
The government also urged the company to look into the enormous opportunities in the gas sector in line with the memorandum of understanding (MoU) and partnership made with the company.
Vice President Namadi Sambo made the commendation during a meeting with the Global General Manager and Chief Executive Officer (CEO) of GE, Mr Jeff Immelt and other global partners at the state house in Abuja on Friday.
Mr Sambo said the government would organise a global conference in February 2014 on ‘Financing the Power Sector’ under the aegis of National Council on Privatisation.
The World Bank, African Development Bank, Islamic Development Bank and Export-Import Banks would be attending the conference.
He said: “Invitation has already been sent to companies in the power sector”.
The Minister of Trade and Investment, Olusegun Aganga, said the meeting with GE and other global partners was as a result of Nigeria’s programme with the GE under which a billion dollar MoU was signed more than a year ago.
The MoU, which covers assembling of turbines in the power and other sectors, also involves assembling of locomotives in the country and investment in the healthcare sector.
“The ceremony of the agreement was performed in Calabar last June and GE’s $350 million has brought development. Today, the company has started to bring in its supply chain into the country,” Aganga said.
Mr Immelt commended the Nigerian government for the support the company had received and pledged that the company would engage in several aspects of Nigeria’s economy.
“We will engage in the power sector – the National Integrated Power Project; oil and gas and healthcare programmes. We will work with Nigerian partners on other segments of the programme,” he said
GE attended the meeting with CEOs of nine other companies and seven partner companies from Nigeria including the Minister of Power, Professor Chinedu Nebo.
The Nigerian government is reforming its power sector to increase power supply stability. Part of the process was the handing over of the Power Holding Company of Nigeria to private owners late last year, a development that the Nigerian President, Goodluck Jonathan, told participants at the World Economic Forum in Davos, Switzerland, last week, that it was yielding results.