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11 Oct 2016

NATIONAL ASSETS: General Electric Offers to Acquire Nigeria Rail For WHOOPING Sum

General Electric (GE) confirmed its “keen interest” in acquiring a Nigeria railway concession project worth around $2 billion, the U.S. company said on Monday.

President Muhammadu Buhari had in his October 1st anniversary speech said that GE would be investing $2.2 billion in a concession to revamp, provide rolling stock, and manage some of the country’s railways.

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“Given the size and scope of the proposed project, it is likely that the debt and equity commitments required from lenders, consortium partners and other co-developers will be in the range of $2 billion or more,” GE said in a statement mailed to Reuters.

It said the concession was in the formal procurement process.

Nigeria has also signed two deals worth around $5 billion with China Civil Engineering Construction Corp (CCECC), part of China’s state-owned railway construction firm, to modernise and build railways in the north and south of the country, the Nigerian transport ministry said last month.

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