GE Inks $350M Deal In Nigerian Power Sector

Written by Ann Brown

A Nigerian bank has signed a deal with America’s General Electric to invest $350 million in Nigeria’s weak power sector, the country’s trade and investment minister said.

According to Olusegun Aganga, the deal between GE and Stanbic Bank would finance small-scale projects to generate vital electricity,  reports CNBC Africa.

“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 said.

The facilities will produce between one and 20 megawatts of electricity.