by crossriverwatch admin
The growing profile of Cross River State as a preferred investment destination got a boost yesterday with the announcement by General Electric of plans to es
tablish a manufacturing and assembly facility in Calabar.
The facility is part of a $1 billion investment that General Electric intends to make in the Nigerian economy in the next five years.
It also plans to build a training facility in Calabar.
Announcing the new investment initiatives, the Chairman and global Chief Executive Officer of General Electric, Jeff Immelt said the investments signpost the confidence his firm has in the Nigerian economy.
Immelt spoke at a ceremony held at the Transcorp Hilton Hotel in Abuja on Thursday.
“Nigeria,” he said, “offers immense growth opportunities for investors, the people of Nigeria and the continent of Africa. Our planned investment is a fulfillment of GE’s Investment Incentive MoU with the Federal Government of Nigeria.
We are committed to the sustainable growth of Nigeria. This is why we are investing in manufacturing, job creation and increasing our local content.”
A statement from GE says its investment plans “includes a $250 million capital expenditure that will make Nigeria a regional hub for manufacturing, service and innovation with an improved ability to support a broader range of product lines in power generation as well as oil and gas exploration and production.
“The planned investment is expected to create 2300 jobs, 300 of which will be direct GE hires and the remaining 2000 indirect jobs created through GE suppliers that will support its expanded operations.”
The company says it intends to provide one-year to four-year training programs locally and internationally for repair engineers, welders, fabricators, machinists and special processing.”
The President and CEO of the company in Nigeria, Lazarus Angbazo assured that Nigerians will make up 90 per cent of the staff and management of the manufacturing facility.
Also speaking at the event, Minister of Trade and Investment, Dr. Segun Aganga said President Goodluck Jonathan was at the forefront of the efforts that led to GE’s new investment initiatives.
He described the investment as a much-needed tonic in the country’s quest for industrialization.
In his remarks, the Acting Governor of Cross River State, Bar. Efiok Cobham said the state is excited by the investment.
Cobham then gave the commitment of the state government in ensuring that the investment takes off as soon as possible.
He described GE’s decision to site the facilities in Calabar as a development that will be mutually beneficial to both the state and GE.
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