General Electric (GE) and Transnational Corporation of Nigeria (Transcorp) have signed an agreement to develop power and transport infrastructure in Nigerian
According to the agreement, the two companies have opened an avenue for discussion to partner in the development of the Transcorp-owned Ughelli power plant, in Nigeria’s Delta State.
GE global chairman Jeffrey Immelt said, “We chose to partner with Transcorp because it is an African company with an investment philosophy that will drive change here and in the rest of Africa.”
Transcorp chairman Tony O Elumelu noted that the importance of developing the power infrastructure in the country was unquestionable.
Elumemu said, “Power and transport are two major areas we know can turn economies and drive development. This is ultimately what we want to see happening in Nigeria.”
The agreement has been made in line with GE’s plans to support development in the country, having concluded an arrangement with the Nigerian federal government in March of 2013 as part of which GE will play an active role in putting in place the infrastructure and expertise to ramp up the country’s power output by 10,000MW in the next 10 years.
