Fin24

GE, Nigeria in $10bn power deal

2012-03-26 12:11

Abuja - General Electric has signed a memorandum of understanding with Nigeria to invest $10bn in new power plants for Nigeria in which it will take 10-15% equity stakes, a power ministry spokesperson told Reuters on Monday.

The spokesperson said GE would be “partnering with the government and the power sector partners”, in a deal that will go ahead after privatisation of Nigeria’s dilapidated and woefully inadequate power sector goes ahead.