American blue chip conglomerate, General Electric (GE), has expressed plans to make Nigeria a hub for its African businesses as it enlarges its operations on the continent
According to by the President and CEO of GE Nigeria, Lazarus Angbazo, “The reason we are focusing on Nigeria is that it is big, it has tremendous upside opportunities compared to other African Countries.”
He added that “Compared to Nigeria’s GDP of $270 billion or budget ($31 billion) it is easy to understand the scope of GE operations globally.”
GE derives less than 2 percent of its revenue from Africa with Nigeria contributing about 25-30 percent of or between $700 – $900 million for 2011. The company’s revenues in 2011 clocked over $150 billion the same financial year.
While pointing out that it is essential to grow Africa’s contribution to GE’s global business, Angbazo told BusinessDay at the weekend that GE would be willing to invest in some of the power generating and healthcare projects and provide the initial funding that is critical to getting such projects off the ground.
“If a project is viable and sustainable, we would be willing to commit up to 15 percent capital on the project. We will leverage our relationship with other financials in the world for our customers, both local and international banks,” he said.
According to him, GE plans to bring in technology, experience, a network of partners, tremendous wherewithal, transparency and an ethical way of doing business.
“GE is a trusted and strategic partner to the Nigerian government and the people of Nigeria. Our commitment to grow in Nigeria with Nigeria is demonstrated by our holistic approach to investments in the country,” Angbazo had said at the 18th Nigerian Economic Summit holding in Abuja last week while expressing his support and alliance with Nigeria Federal Government in delivering the government’s priorities of becoming a top 20 economy by 2020.
In a related development, The Federal Government of Nigeria will begin talks with General Electric Commercial Aviation Services in Abuja on Monday (today) as part its efforts to establish a government-funded aircraft leasing company gains momentum.
GE operates as a technology and financial services company worldwide. The company specialises in developing technology solutions for infrastructure projects in oil and gas, power generation, healthcare, transportation, rail transportation and aviation. The company’s healthcare segment provides medical imaging and information technologies, medical diagnostics, patient monitoring systems, disease research, and drug discovery, biopharmaceutical manufacturing technologies, and remote diagnostic and repair services while its company’s energy infrastructure segment offers wind turbines; gas and steam turbines and generators and integrated electrical equipment and systems.
The company was founded in 1892 and has its headquarters in Fairfield, Connecticut, USA.
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