GE to invest $350m in Nigeria power sector

ABUJA, Feb 1 (AFP): General Electric has signed a deal with a Nigerian bank to invest $350 million in Nigeria's ailing power sector, the country's trade and investment minister said on Friday.

Olusegun Aganga said the deal between the US conglomerate and Stanbic Bank would finance small-scale projects to generate much-needed electricity.

"They are making available the sum of $350 million for the generation of mini-power projects because that is going to be quicker to do and will help the economic activities in the country," he added. The scaled-down facilities will produce between one and 20 megawatts of electricity.

Aganga said GE would also bring 10 of its suppliers to partner Nigerian companies to help develop power capacity and transfer of technology.