Thursday, February 16, 2012

Nnaji: GE Not Constructing Power Plants in Nigeria

This Day
13 February 2012

Minister of Power, Prof. Bart Nnaji, has said the General Electric of the United States (GE) has neither constructed nor agreed to construct a 10,000megawatts power plant in Nigeria.
Press Release: GE not constructing power plants in Nigeria
12 February 2012

The Honourable Minister of Power, Prof. Bart Nnaji, has approved the release of the following clarifications regarding the nature of the business interest that the General Electric (GE) Company has expressed in the Nigerian power sector under the power sector reform programme. The clarification has become necessary because this interest has been inaccurately represented in a few recent media reports.

1. GE has neither constructed nor agreed to construct a 10,000MW power plant in Nigeria.

2. At various meetings with government officials, GE says it is ready to partner with credible core investors in the power generation subsector by supplying world class turbines capable of delivering a combined 10,000MW of electricity.

3. As a show of support for the government power sector reforms, GE has also pledged to take up a minority interest in emerging power generation companies that employ its technology under this arrangement.

4. Consequently, let it be noted that General Electric has not offered on its own to construct a power plant in Nigeria. The company is not in the business of constructing power plants anywhere in the world but, among other things, manufactures turbines which are a key component of power generation.

5. Let it also be noted that at no time during the meeting that he held with the Turkish Ambassador to Nigeria, Mr. Ali Rifat Koksal, did Prof. Nnaji solicit customers for any company willing to invest in Nigeria, including GE. The companies are perfectly capable of marketing themselves.

6. Government continues to encourage other investors and financiers willing to invest in this critical and highly profitable industry to come to Nigeria and is grateful for the support given by well established international corporations such as GE.

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