Chief Executive Officer of General Electric Nigeria, Lazarus Angbazo, has said the company is planning to launch a repair and service plant for gas turbines in Nigeria, according to a Reuters report on Thursday. Angbazo said the American industrial giant has invested $100 million in the project as it seeks to tap the growing demand for gas-fired power plants in Africa’s largest economy.
The GE Nigeria CEO said the service plant is designed to be a multi-modal facility that will support clients in the power, and oil and gas sectors. He said construction work on the plant – which is located in Calabar – is expected to be completed in December, with operations commencing in the first quarter of 2018.
Nigeria has become one of GE’s most lucrative markets in Africa, with its annual revenue from the West African country exceeding $1 billion, according to Angbazo.
GE operates in several key sectors of Nigeria’s economy such as aviation, with a partnership with Arik Air; power generation, with an agreement with the Federal Ministry of Power, Works, and Housing to develop 10 GW of power over the next ten years; and healthcare, with a partnership with the Federal Ministry of Health to support the development of diagnostic centres across the country.
Earlier in March, a consortium led by General Electric emerged as the sole bidder for the concession of two railway projects – Lagos to Kano and Port Harcourt to Maiduguri – worth about $2 billion.