GE hands over Nigeria rail concession deal to partner Transnet as it plans exiting transport business

GE has handed the rail concession arrangement it has with Nigeria to its parners, Transnet SOC Limited.

The development is believed to be part of its strategy to exit transportation business.

GE, in an e-mail response to a question, said agreements it reached with the Nigerian government “are now being negotiated by Transnet and its consortium partners” including SinoHydro of China and APM Terminals.

GE is expected to focus on infrastructure development in Nigeria in areas such as health care and power, it also said.

Read also: Heritage Bank to forfeit N1.2bn, $327,000 in ‘ghost’ account to Nigerian govt

GE won a contract last year to manage Nigeria’s narrow-gauge rail network in partnership with three other companies. It signed an agreement in April to proceed with the interim phase of the narrow-gauge concession that is expected to grow freight haulage capacity in the country ten-fold to 500,000 metric tons annually.

“Transnet has been a trusted partner of GE for several decades.

“We have confidence in their ability and that of the other consortium members to execute on the rail concession project successfully”, GE said in the statement.

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