GE faults Buhari’s claim, says we’re only investing $150m not $2.2bn

General Electric (GE) has punctured President Muhammadu Buhari’s claim that it was investing $2.2 billion in a concession to revamp, provide rolling stock and take care of the country’s railway lines.

In a statement made by the chief executive GE Mr Jay Ireland on Monday he said, GE was only investing $150 million.

“There are development projects where we are investing, GE would also invest in oil and gas industry projects. The Nigeria investment was part of a plan to spend $2 billion in Africa in coming years. But the $150million Nigerian investment falls short of the sum Nigeria’s government has said GE would invest.”

During his speech marking Nigeria’s 56th Independence anniversary, President Buhari, had said that GE was investing $2.2 billion in a concession to revamp, provide rolling stock and take charge of some of the country’s railway lines.

Read also: ECONOMY: More bad news as NNPC laments depleting oil and gas reserves

He had said that “On railways, we have provided our counterpart funding to China for the building of our standard gauge Lagos -Kano railway.

“Meanwhile, General Electric is investing $2.2billion in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line. Growth in Nigeria – an OPEC member whose economy, the largest in Africa, is in recession for the first time in more than 20 years due to low oil prices – has been stunted for decades by a lack of investment in its road and rail network,” Buhari said.

By Ebere Ndukwu …

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now