Bloomberg News

Nigeria, GE Sign Accord for $10 Billion Power Investment

March 26, 2012

Nigeria signed a memorandum of understanding with General Electric Co. (GE) to invest $10 billion in power projects to generate 10,000 megawatts of electricity, Power Minister Barth Nnaji said.

GE will take 15 percent equity while the government will provide guarantees for other investors who will make up the remaining holding, Nnaji said in an e-mailed statement today, without identifying the other investors.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net


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