LAGOS: Nigeria and General Electric have inked a deal that will see the company invest some $10 billion in power plants in the country, a government official confirmed reports from Monday to Bikyamasr.com. The deal will see GE take a 10-15 percent equity stake. According to Reuters news agency, GE will join with the government and its power partners after privatization of the country's power grid, which is largely seen as outdated and inadequate for Africa's largest country. “We are hopeful that this new agreement will power us, quite literally, towards our goal of becoming a top global economy within the next decade,” added the government official close to the deal. The Nigerian government in recent years has been looking to build gas-fired power stations in an effort to boost natural gas reserves, but hadn't been able to do so as a result of poor infrastructure and lack of public-private partnerships. The hope is GE will assist the country in modernizing the power output in the country. According to media reports, the current power output for 160 million people is equivalent to that of a mid-sized European city, and this agreement should see that change dramatically. Nigeria last month again delayed the timeframe for selling state-owned power assets, dimming hopes of carrying out reforms any time soon. But it appears back on the table. BM ShortURL: http://goo.gl/C6JnB Tags: Electricity, GE, Infrastructure, Nigeria, Power Section: Business, Latest News, Nigeria, West Africa
