VENTURES AFRICA – American multinational conglomerate General Electric (GE) will over the next three years triple its gas-fired turbines sale to emerging markets, according to Jeffrey Immelt, GE's Chief Executive Officer.
Getting gas from regions where it is produced to the industries and populations that rely on it is an avenue for tremendous investment, Immelt noted.
With Nigeria's GDP growth rate expected to increase from 6.8 percent in 2013 to 7.4 percent in 2014, according to International Monetary Fund (IMF) estimates, GE will expect its expansion to frontier markets like Nigeria to yield profitable results, as developed economies continue to experience slow growth.
The company had last year signed an agreement with the Nigeria Sovereign Investment Authority (NSIA), managers of the country's Sovereign Wealth Fund (SWF), which made GE, NSIA's technical partner.
Already, GE has committed $1 billion into Calabar, a city in Nigeria's South, for the construction of a manufacturing and assembly plant, which after completion is expected to create 2300 jobs.
"We are committed to strengthening our local presence in Nigeria through this investment in Calabar. The facility will significantly increase the local content of our operations in Nigeria by supporting the burgeoning power sector and providing manufacturing capabilities for the oil and gas industry," said Lazarus Angbazo, President and Chief Executive Officer of GE Nigeria.
The international conglomerate had recently renewed its focus in Nigeria, after a 40-year presence in sensitive sectors of the country's economy. The unprecedented growth recorded over the years in emerging economies, including Nigeria has encouraged the company to invest more in the country and exploit the boundless opportunities offered by its growing economy.
The company which has 350 employees in Nigeria operates interests spanning across power, energy, healthcare, water and rail transportation and aviation.