This is good news. Let Nigerian looters keep hiding money while smart businessmen leverage on the nitche market. Good one.
GENERAL Electric (GE) has completed work on its $100 million gas turbine assembly plant in Nigeria. The plant which is expected to come on stream next year will boost electricity supply in the nation.
Chief Executive officer of the company, Mr. Lazarus Angbazo, who confirmed the development in Lagos, yesterday, said GE wants to support the development of Nigeria’s gas reserve which is largely untapped, adding that the U.S. company has invested in some local power plants.
Angbazo said construction work on the plant which is located in Calabar, Cross River State, is expected to be completed in December. GE has made a bid for a $2 billion railway project to connect Nigeria’s northern cities to the south of the country and could expand its plant to include locomotive assembly. “We are already in talks with major haulage companies in the country to secure their buy-in on the project,” Angbazo said.
According to Reuters, Nigeria privatised its electricity sector in 2013, aiming to end decades of blackouts which have hampered economic growth. It disclosed that most of the plants it sold were gas-fired, operating below capacity due to inadequate gas supply.
Officials said the demand for gas in Nigeria is estimated to rise to three billion standard cubic feet (scuf) per day by 2017 from 1.2 billion scuf per day in 2015, ten times the 300 million of eight years ago. However, many individuals, households and companies continue to suffer in Nigeria as a result of inadequate and unstable power supply.