(http://fmi.gov.ng/wp-content/uploads/2011/11/coat-of-arms2.gif) The announcement by General Electric (GE) of over $1 Billion investment in its operations in Nigeria over the next five years demonstrates the strongest confidence in the economy.
The Vice President, Arc Mohammed Namadi Sambo, said this Tuesday, 18 June, at the ground breaking ceremony of the General Electric Multi-Model Service and Manufacturing Facility at Calabar Free-trade Zone in Cross River State.
Vice President Sambo, who represented President Goodluck Jonathan at the event, stated that "The Company's decision to build this facility here in Calabar, with Nigeria as a pivotal regional hub for the West African sub-region, amply demonstrates the strongest confidence in our economy". He added that the company's wide ranging experience in energy, transportation and healthcare, will strengthen ongoing reforms in these critical sectors, under the broad Transformation Agenda.
He noted that "we live in a world where innovations in Information and Communication Technology (ICT) and effective power delivery, play critical roles in stimulating economic growth and as a nation, our long term development goals are geared towards placing Nigeria among the top 20 economies in the world by the year 2020 and, achieving a GDP of at $900 billion with corresponding GDP per capita of at least $4,000".
The President further noted that to achieve this vision, the economy must record double digit GDP growth consistently for the next ten years, hence the transformation blueprint places renewed emphasis on the total overhaul and upgrade of the power sector.
While commending the partnership with GE as a step in the right direction, he reiterated the firm commitment of the administration in expanding engagement of the public private partnership as an effective, sustainable and flexible development application.
Jonathan said with Nigeria as an anchor, GE is now better placed to take advantage of the ECOWAS market, which has a vibrant population of over 300 Million people for which Nigeria accounts for 60%, 47% of the GDP and over 50% of the region's manufacturing capacity.
To effectively strengthen the economy, he stated that the power sector reform is still on-course through the gas-to-power projects and the on-going privatization of the generation and distribution companies have reached advanced stage as well as the completion of 10 new NIPP thermal power plants which the GE manufactured nine of them, and, is expected to add 4,000MW to the national grid. "The US$1 Billion and US$150 Billion of external funding from African Development Bank, will support continued gas supply, improved transmission system and boost the liberalization of the power sector", he added.
While speaking, the Governor of Cross River State, Senator Liyel Imoke, commended the team of investors from the GE and the local team led by Dr. Lazarus Agbazo, for making the ground breaking ceremony for the gigantic investment a reality. He said, the manufacturing sector of the economy which has been marginalized over the years needs to be positively impacted as demonstrated by the GE. Imoke also commended Alhaji Aliko Dangote for also investing in the State.
In their remarks, Mr. John Rice, the Global Vice Chairman of General Electric and Mr. Jay Ireland, CEO Africa and Regional Chairman of GE, said Nigeria is a very important country in Africa, adding that the company has invested billions of dollars in other parts of Africa. They said, the Company would provide jobs to the local communities; involve in capacity training and development as well as educate and empower the local communities.
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Federal Ministry of Information (FMI) Nigeria