General Electric to Establish Manufacturing Facility in Calabar

In Breaking News, Business & Economy, National News, Reports

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 establish 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.

follow us on twitter @crossriverwatch

Since You Are Here, Support Good Journalism

CrossRiverWatch was founded on the ideals of deploying tech tools to report in an ethical manner, news, views and analysis with a narrative that ensures transparency in governance, a good society and an accountable democracy.

Everyone appreciates good journalism but it costs a lot of money. Nonetheless, it cannot be sacrificed on the altar of news commercialisation.

Consider making a modest contribution to support CrossRiverWatch's journalism of credibility and integrity in order to ensure that all have continuous free access to our noble endeavor.


New Feature: Don't miss any of our news again.Get all our articles in your facebook chat box.Click the Facebook Messenger Icon below to subscribe now

Text Advert by CRWatch :Place Yours

Will You To Learn How To Make Millions Of Naira Making Special Creams From Your Kitchen?.Click Here

Expose Your Business And Make More Sales. Advertise On Today

You may also read!


This is a column by Ken Henshaw, Executive Director of We The People. Witty Thought is a brisk review


Drones To Be Deployed In Supplying Healthcare Materials In Cross River

By Agency Report The Cross River Health Insurance Agency said it plans to use drones to deliver health materials


PDP, APC Tied To Apron Strings Of Financiers In Cross River

The Peoples’ Democratic Party (PDP) has been at the helm of affairs in Cross River State since 1999. But,


One commentOn General Electric to Establish Manufacturing Facility in Calabar

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu

Share this now