WaGeneral Electric (NYSE: GE) and the Federal Government of Nigeria have extended their landmark, first-of-its-kind Country-to-Company (C2C) agreement for another five years. This landmark event took place in Washington DC during the US-Africa Heads of State summit. As part of the bilateral agreement extension, GE will continue leveraging its advanced technology, expertise and global pedigree to address the infrastructure deficits in the critical sectors that are integral to the development of Nigeria’s economy, including Power, Transportation and Healthcare. Finance Minister and Co-ordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala and Minister for Industry, Trade and Investment Dr Olusegun Aganga signed for the Federal Government of Nigeria while GE Africa CEO Jay Ireland and DR Lazarus Angbazo, CEO GE Nigeria signed for General Electric.In 2009, GE signed the C2C agreement with the Nigerian government under late President Yar’Adua. The goal of the agreement was to grow the country’s economy to one of the 20 largest in the world by 2020 – the Vision 20:2020 initiative – and improve the lives of its 167 million citizens. Following significant progress, the agreement was revalidated in 2011 by President Yar’Adua’s successor, President Goodluck Jonathan.
In 2009, GE signed the C2C agreement with the Nigerian government under late President Yar’Adua. The goal of the agreement was to grow the country’s economy to one of the 20 largest in the world by 2020 – the Vision 20:2020 initiative – and improve the lives of its 167 million citizens. Following significant progress, the agreement was revalidated in 2011 by President Yar’Adua’s successor, President Goodluck Jonathan.
One of the commitments GE made to the Nigerian government at the signing of the C2C agreement was to add 10,000MW of incremental power to the national grid. Since signing the agreement in 2009, GE has helped to add over 4,000MW installed capacity and now supplies the turbines used to operate a number of Nigeria’s power plants. This work is being done through joint development agreements with other partners and sponsors, including the Independent Power Projects (IPP).
“I am incredibly proud of what GE and Nigeria have accomplished together over the past five years,” said Jay Ireland, President and CEO of GE Africa. “GE has invested heavily in the nation by way of finance, people, technology and supply chain capabilities because we share the vision, aspirations and hopes of the Government and people. We look forward to the next phase of the C2C relationship and the continued success of the Vision 20:2020 initiative.”
President of Nigeria, His Excellency President Goodluck Jonathan added: “Our partnership with GE has been very successful and the whole country is seeing the benefits. The Country-to-Company agreement is an integral part of achieving our Vision 20:2020 initiative, and I am pleased at the positive impact it has had on jobs, transportation infrastructure, power supply and healthcare.”
Since 2009, GE has made significant investments in improving core areas of Nigeria’s economy. The company has about 500 employees country-wide, 90 percent of whom are indigenous Nigerians. Completion of GE’s planned manufacturing and assembly facility in Calabar will generate an extra 2,300 direct and indirect jobs and utilize 100 local suppliers. This is complemented by GE’s commitment to investing $2 million to modernize a technical college in Cross River state. The college will act as a feeder to the Calabar facility when completed.
Last month, GE launched the global installation of its “Garages” program in Nigeria – a skill-building innovation and manufacturing centre, where aspiring makers and builders of all levels can go to develop new skills and learn about modern manufacturing technologies. The first location outside of the U.S, GE Garages in Nigeria include curated speakers sessions and workshops amidst a fully equipped ‘fab lab’, which includes hardware such as CNC mills, laser cutters, 3D printers and injection molders.