The Chief Executive Officer, General Electric, GE Nigeria, Mr. Lazarus Angbazo has revealed that the multinational will start operating its gas turbine assembly plant in Nigeria which has an investment over $100 million by the begining of 2018.
Angbazo confirmed that the US multinational company had invested over $100 million in the plant while also revealing that construction work on the plant located in Calabar, Cross River State, would be completed in December.
According to him, GE wants to support the development of Nigeria’s gas reserve, which is largely untapped, and has invested in some local power plants.
Reuters reported it that the company said the plant will commence operations in the first quarter of next year.
Besides, the company has made a bid for a $2bn railway project to connect Nigeria’s northern cities to the south of the country and could expand its plant to include locomotive assembly.
“We are already in talks with major haulage companies in the country to secure their buy-in on the project,” Angbazo was quoted as saying.
Earlier this year, the NNPC disclosed that GE proposed to invest in the nation’s three refineries located in Port Harcourt, Warri and Kaduna, as well as in selected power projects across the country.
The Group Managing Director, NNPC, Dr. Maikanti Baru, announced that GE stated that it and its teams of partners, including a consortium of engineering, procurement and construction partners, off-takers, traders and some financiers would be involved in the initiative.
However, it noteworthy that the demand for gas in Nigeria has been estimated to rise to three billion standard cubic feet per day by 2017 from 1.2 billion scf per day in 2015, 10 times the 300 million scf of eight years ago.