SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?

Magnartis Finance & Investment Limited

  • LOGIN
  • Home
  • About
    • About Us
    • Management Team
    • Directors
  • Services
    • Stockbroking
    • Portfolio Management
    • Corporate Finance
    • Advisory Services
  • Projects
  • Download
  • Contact
  • Open an account
  • Home
  • GE, Julius Berger seal pact to build $250m Calabar manufacturing facility
  • Capital Market News
  • GE, Julius Berger seal pact to build $250m Calabar manufacturing facility
 

GE, Julius Berger seal pact to build $250m Calabar manufacturing facility

GE, Julius Berger seal pact to build $250m Calabar manufacturing facility

by magna / Monday, 08 December 2014 / Published in Capital Market News

200397812-001

From DENNIS MERNYI, Abuja

General Electric (GE), an American multi­national, has signed a contract for the execution of a multi-purpose manu­facturing and assembly facil­ity in Calabar, Cross River State.

The agreement to build an assembly plant is expected to make Calabar the hub of equipment manufacturing for power, oil and gas industry in the country.

The ceremony was wit­nessed by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and other stakeholders relevant in the oil and gas industry in Abuja.

The Minister noted that sign­ing of the MoU is part of the fulfillment of the commitment by GE’s global Chairman, Mr. Jeff Immelt, in January 2013, to invest $1 billion in Nigeria over a five-year period, add­ing that government was very excited with the level of com­mitment by the firm.

According to her, the event is significant because it is a promise kept, with the project expected to translate into job creation, technology trans­fer, skills transfer, transfer of capabilities that were never there before as well as SMEs growth.

In January 2013, GE’s glob­al Chairman, Immelt, made commitment to invest $1 bil­lion in Nigeria over a five-year period. Out of this amount $250 million was earmarked for 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 line in oil and gas exploration, production as well as the power sector. The company also pledged to spend additional $800 million in local sourcing of goods, services, la­bour, staff welfare and training.

“Today’s event is signifi­cant in many ways. One, it is a promise kept and I must com­mend GE for that. It is also another valid proof that this government is truly attracting credible foreign direct invest­ment by creating the enabling environment for genuine in­vestors.

In terms of local content, this validates our long-held view that local content and locali­sation of oil and gas industry is achievable within the right regulatory frameworks. I must also point out that the real work has just begun. I enjoin the NDCMB to ensure that after the completion of the project, the laws of the land are fol­lowed to the letter as regards local content,” she said.

The Vice Chairman of GE, Mr. John Rice, disclosed that Julius Berger emerged winner in a competitive bid, adding that the investment is expected to create 2,300 jobs, 300 of which will be direct GE staff­ers and the remaining 2,000 indirect jobs created through GE suppliers that will support its expanded operations. He added that the contracts for the reconstruction and upgrade of the Government Technical College, Ikot Iffanga, have also been awarded by GE.

Source : SunOnline

About magna

What you can read next

FIRS Made N1.8trn Revenue In 6 Months – Ogungbesan
Naira stabilises at autonomous FX market
Rio 2016: D’ Tigers don’t scare us –Lithuania coach

Market Capitalization

[visualizer id="161"]

Newsletter Subscription


 

About Us

Magnartis Finance & Investment Ltd (“Magnartis”) is a Dealing Member of The Nigerian Stock Exchange with expertise in Stockbroking and Trade Execution Services.

Download

  • FGN Savings Bond Subscription Form
  • Mandate For Ebonus
  • Cscs Clients Authorization Form For Change Of Bank
  • Cscs Client Bank Update Form
  • Account Opening Form KYC

Research

  • Daily Price List
  • Daily Market Summary
  • Weekly Market Summary
  • Special Reports

Contact Info

16, Boyle Street, Onikan, Lagos, Nigeria

Office Number:
01-4538066

E-mail:
info@magnartis.com

  • GET SOCIAL

© 2014 Magnartis Finance & Investment Limited. All Right Reserved

TOP