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$150 Million Investment Not $2.2 Billion: General Electric Faults Buhari’s Claim 

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General Electric, GE, a US firm has announced that it plans to invest around $150million in Nigeria by 2017.

The announcement was made by Jay Ireland, a chief executive of GE in Africa on Monday, October 3, 2016.

“There are development projects where we are investing,” Ireland told FT Africa Summit in London, adding that the international firm would invest in oil and gas projects.

The executive said the investment was part of a plan to spend $2 billion in subsequent years.

According to Vanguard, the $150 million investment in Nigeria falls short of the sum that Nigeria’s President Muhammadu Buhari said the company was investing in the country.

On Saturday, President Buhari said his October 1 speech that GE was “investing $2.2 billion in  a concession to revamp, provide rolling stock, and manage” some of the country’s railway lines.

“On railways, we have provided our counterpart funding to China for the building of our standard gauge Lagos -Kano railway.

“Meanwhile, General Electric is investing two point two billion USD in a concession to revamp, provide rolling stock, and manage the existing lines, including the Port Harcourt-Maiduguri Line.

“The Lagos-Calabar railway will also be on stream soon,” the president said in the speech.

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