GE and the government of Nigeria today signed an agreement that may soon pave the way for a host of new collaborative projects in areas such as railway infrastructure development, oil and gas processing, electric power generation, water treatment, healthcare, aviation and integrated safety and security systems.
Let’s make a deal: Nigeria’s President Umaru Yar’Adua welcomes GE Vice Chairman John Rice to the Presidential Villa, Abuja, today during the signing of a country-to-company agreement aimed at promoting collaboration between GE and Nigerian public and private sector organizations.
In addition to strengthening Nigeria’s existing commercial relationship with GE, the agreement envisions the establishment of an investment framework that will help position Nigeria as a regional export center for GE’s infrastructure technologies. In 2008, GE’s revenues in Africa were $3.5 billion, an increase of almost 40% over 2007.
GE has had a long-standing presence in Nigeria in transportation, energy, aviation, healthcare and oil & gas, among other sectors. For example, GE Aviation has sold about 95 engines with a list value of $1 billion in Nigeria since 2006. Of the more than 200 GE gas turbines currently installed in Africa, Nigeria is home to more than half. Earlier this month, GE Transportation signed a letter of intent with Nigerian officials to deliver 25 new locomotives in 2010 for freight and passenger transport.
