Nigeria and GE Signs $10 billion Pact on Electricity Generation, Plan for 10,000 Megawatts

The Federal Government has entered into a $ 10 billion agreement with General Electric (GE) to invest in the construction of power plants across the country.

The agreement was signed in London over the weekend by Minister of Power Professor Barth Nnaji and GE’s Sub-Saharan President, Mr. Jay Wileman.

Under the agreement, GE agrees to invest 10% to 15% in power plants generating 10,000 Mega Watts in Nigeria. Their investment will be matched by the Federal Government, with the balance coming from the local and international private sector.

Speaking to journalists at the signing, Barth Nnaji said, “To have a company willing to work with us on the delivery of 10,000MW is a show of confidence in Mr. President’s vision.

“Even if the equity is one per cent, it is still significant because it will take us somewhere. And with 15 per cent, Federal Government will provide the balance.”

He added, “What we are doing today is the culmination of a series of work done, some behind the scenes, and some in the open. With the meeting between President Goodluck Jonathan and the Chairman of GE last month in Abuja, there was a narrowing of areas of focus for the country and GE to collaborate on specific areas of focus.

“Accordingly, GE developed MoUs specific to the various sectors, and today, the MoU we are signing relates to power alone.”