Thursday, June 20, 2013

President Goodluck Jonathan Inaugurates $1 Billion Electricity Manufacturing Facility

President Goodluck Jonathan has inaugurated the General Electric's $1billion service and manufacturing facility in Calabar. The ground breaking ceremony was sequel to the Memorandum of Understanding signed by the Minister of Industry, Trade and Investment, Olusegun Aganga; and the Global Chairman/Chief Executive Officer of GE, Mr. Jeff Emmelt, in January.

Represented by the Vice-President, Arch. Namadi Sambo, Jonathan said the groundbreaking ceremony would not only give a fine boost to the administration's Transformation Agenda, it would also strengthen the improved confidence in the Nigerian business environment by both local and foreign investors.

He said it will also confirm the commitment of the Federal Government to revitalising the Nigerian economy within the lifetime of the current administration through policies and projects that would pave the way for increased production activities, job creation and wealth generation.

In his remarks, the Minister of Industry, Trade and Investment said the GE had, over the past 125 years, evolved to seize new opportunities created by changes in technology and the economy as a frontline multi-business organisation.

In 2009, GE signed a Country-to-Company agreement with the Federal Government of Nigeria, aimed at forging a strategic partnership that would see the two parties working together on high growth opportunities and investment in support of Nigeria's transformation objectives.

Aganga said in a statement that on 31st January, 2013, the nation recorded a milestone in its investment drive as the Federal Government of Nigeria and Messrs GE sealed an investment deal of $I billion (N158 billion) on the establishment of a Best-in-class assembly in Calabar.

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