Nigeria Sovereign Investment Authority seals deal with General Electric •Identifies 6 areas of investment

Posted by News Express | 24 June 2013 | 5,616 times

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The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding (MOU) with General Electric (GE) to collaborate on the development, financing and operation of infrastructure projects in Nigeria.

“The NSIA, through its Nigeria Infrastructure Fund (NIF), is currently evaluating a number of infrastructure investment opportunities. These opportunities could potentially include healthcare facilities, airport infrastructure, aviation financing, locomotive manufacturing, rail transportation as well as opportunities in power generation, distribution and transmission,” says Obinna Ihedioha, Special Advisor to Uche Orji, Managing Director and CEO of NSIA.

The MOU signed on Thursday at the Wheatbaker Hotel in Ikoyi, Lagos, supports GE’s commitment to facilitate the development of critical infrastructure under its Investment Incentive agreement with the Federal Government of Nigeria, according to Ihedioha.

“This MOU combines GE’s technology, execution and service capabilities with NSIA’s investment priorities in power, rail and healthcare sectors to promote economic development and competiveness of the Nigerian economy,” he says.

Speaking at the MOU signing ceremony, NSIA MD/CEO Uche Orji said: “This marks an important milestone for the NSIA in its efforts to enhance the development of infrastructure in Nigeria and encourage foreign investment. We look forward to developing a constructive relationship with GE. We believe the combination of GE’s technical leadership and the NSIA’s financial resources and local expertise will help the NSIA achieve its ultimate objectives of prudent investment in Nigerian infrastructure.”

News Express learnt that under the MOU, GE and NSIA will seek infrastructure opportunities to cooperate, where NSIA’s role as a financial investor and GE’s role as an original equipment

manufacturer will complement each other to achieve the strategic objectives of the agreement through partnerships with relevant, credible, public and private sector entities.

“This agreement with the NSIA supports Nigeria’s aspirations for economic development and transformation,” said Dr. Lazarus Angbazo, President and CEO of GE Nigeria, while speaking at the event. He added that GE was very excited to partner with the NSIA to support infrastructure projects that promote the sustainable development of the country.

In fulfillment of GE’s plans to develop local partnerships across Africa, President/CEO for GE Africa, Mr. Jay Ireland emphasised that the NSIA is a great strategic investment partner for GE in Nigeria. “The partnership,” according to him, “will leverage significant synergies in investment experience, execution capabilities and technical solutions to accelerate development of critical infrastructure for Nigeria’s growth.”

•Photo shows NSIA MD/CEO, Uche Orji.

Source: News Express

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