By Omoh Gabriel

The Nigeria Sovereign Investment Authority has signed an MOU with General Electric Corporation in a bid to develop and finance infrastructure projects in the Healthcare, Aviation, Transportation and Power sectors in Nigeria. This is coming on the heels of GE’s restating its commitment to supporting the sustainable development of Nigeria with advanced infrastructure technologies, services and solutions.

General Electric (GE), a global leader in infrastructure technology, services and solutions and the Nigeria Sovereign Investment Authority (NSIA) came together through a Memorandum of Understanding (MOU) to collaborate on the development, financing and operation of infrastructure projects in Nigeria.

According to Uche Orji, Managing Director and CEO of NSIA Nigeria Infrastructure Fund (NIF), is currently evaluating a number of infrastructure investment opportunities. The event, which took place at the Wheatbaker Hotel in Ikoyi, Lagos, supports GE’s commitment to facilitate the development of critical infrastructure under its Investment Incentive agreement with the Federal Government of Nigeria.

This MOU combines GE’s technology, execution and service capabilities with NSIA’s investment priorities in power, rail and healthcare sectors to promote economic development and competiveness of the Nigerian economy.

Uche Orji speaking at the event said “This marks an important milestone for the NSIA in its efforts to enhance the development of infrastructure in Nigeria and encourage foreign investment. We look forward to developing a constructive relationship with GE. We believe the combination of GE’s technical leadership and the NSIA’s financial resources and local expertise will help the NSIA achieve its ultimate objectives of prudent investment in Nigerian infrastructure”.

Under the MOU, GE and NSIA will seek infrastructure opportunities to cooperate, where NSIA’s role as a financial investor and GE’s role as an original equipment manufacturer will complement each other to achieve the strategic objectives of the agreement through partnerships with relevant, credible, public and private sector entities. These opportunities could potentially include healthcare facilities, airport infrastructure, aviation financing, locomotive manufacturing, rail transportation as well as opportunities in power generation, distribution and transmission.

Speaking at the event also, the President and CEO of GE Nigeria, Dr. Lazarus Angbazo said, “This agreement with the NSIA supports Nigeria’s aspirations for economic development and transformation”. He added that GE was very excited to partner with the NSIA to support infrastructure projects that promote the sustainable development of the country.

“In fulfillment of GE’s plans to develop local partnerships across Africa, President and CEO for GE Africa, Mr. Jay Ireland emphasised that the NSIA is a great strategic investment partner for GE in Nigeria. He stated that “the partnership will leverage significant synergies in investment experience, execution capabilities and technical solutions to accelerate development of critical infrastructure for Nigeria’s growth”.