Even as economists and finance experts continue to describe Nigeria as unattractive to foreign investors, the country has reportedly attracted $150 million investment from General Electric.
Speaking in in London, Jay Ireland, chief executive of General Electric in Africa told the FT Africa Summit in London that the company is investing the sum in “development projects” in addition to oil and gas industry projects.
This is the first time in twenty years that Nigeria which has the continent’s largest economy, will be in recession – a development brought about by low oil prices and lack of investment in road and rail network.
According to Ireland, the company’s investment in Nigeria was part of a plan to spend $2 billion in Africa in coming years. But the announced $150 million is far from the sum which Nigerian government said GE would invest.
According to President Muhammadu Buhari’s Independence Day speech, GE was investing $2.2 billion in a concession to revamp, provide rolling stock, and manage some of Nigeria’s railway lines.
