$1b Investment Initiative Launched in Calabar by General Electric

General Electric Company, a global technology leader in energy has strategically commenced implementation of its investment initiative in Nigeria with the hosting of a supplier fair in Calabar, Cross River State.

The Global Chief Executive Officer of the company, Jeff Immelt, had at the beginning of the year during his visit to Nigeria announced a $1 billion investment in the country.

A statement issued by Oluwafemi Ugbada, Jackson Associate Analyst, the company explained that the fair which held at the Tinapa Lakeside Hotel, Calabar had in attendance over 200 Nigerian-owned companies and was intended to increase the company’s local content operations in Nigeria.

It was also a platform for GE to share with local suppliers, financial service companies as well as Cross River State’s investors, the opportunities that existed for partnership on the Calabar investment project. The company has planned to implement a manufacturing and assembly plant which would provide 2300 jobs, 300 of which would be direct GE hires and the remaining 2000 indirect jobs created through GE suppliers that would support its expanded operations.

Additionally, the company plans to set up a training institute on site to build employee capacity and capability.

Chief Executive Officer of General Electric Nigeria, Dr. Lazarus Angbazo, speaking at the supplier fair, reaffirmed GE’s commitment to being a long-term strategic partner for Nigeria’s economic development and transformation.

He said:“We are committed to strengthening our local presence in Nigeria through this investment in Calabar. The facility will significantly increase the local content of our operations in Nigeria by supporting the burgeoning power sector and providing manufacturing capabilities for the oil and gas industry.”

Speaking about GE’s local content strategy, Global Supply Chain Leader, Mr. Phil Griffith stated: “GE firmly believes in the capability and capacity of our Nigerian supplier partners in engineering and other sectors to work with us to deliver on this investment commitment. It is for this reason that today we decided to invite indigenous companies to witness first-hand, the opportunities that this project will avail to them.”

Source:Leadership News

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