News
FG, GE Seal $1bn Dev Deal …Rivers, C’River To Benefit
The Federal Government yesterday signed a Memorandum of Understanding (MOU) with General Electric Company to invest $1billion (N158 billion) in assembly and manufacturing facilities in Nigeria.
Minister of Trade and Investment, Mr Olusegun Aganga, signed on behalf of Nigeria while, GE Chairman and global CEO, Jeff Immelt, signed on behalf of the company.
General Electric , a United States Company, is a global leader in energy, health and rail transportation.
The facility is to be located in Calabar, Cross River State with service workshops at Port Harcourt and Onne, Rivers State.
The investment plan, according to Aganga, would have an initial $250 million capital expenditure and over $800 million incremental spending for the next five years and is expected to create 2,300 jobs.
“GE’s size of investment, which is $250 million, for the outset, and $1 bilion over the next five years, is significant in every respect.
“It is far more important because the investment is in critical areas of our economy, which is power infrastructure.
“This investment will support our Industrial Revolution Plan, which is based on the areas where we have competitive and comparative advantage,” he stated.
Aganga commended GE for its commitment to supporting Nigeria’s industrialisation plan and vision 202020 of making the country one of the top twenty best performing economies by year 2020.
He said “the key socio-economic imperatives that will be delivered by this investment are numerous such as job creation, skill development.
“Also, technology transfer and local content generation are at the core of the government’s economic development strategy“.
GE Chairman and global CEO, Jeff Immelt, in his remarks said “the planned investment will make Nigeria hub for manufacturing, service and innovation.
He said it would create an improved ability to support a broader range of product lines in power generation as well as oil and gas exploration and production“.
The investment is expected to create 2300 jobs, 300 of which will be direct GE hires and the remaining 2000 indirect jobs created through suppliers that will support the expanded programme.
He said Nigeria will make up 90 per cent of the staff and management of the planned manufacturing facility, while local supplier base is expected to increase 100.
The company spending on locally sourced goods and services according to him “ is expected to increase from $4 million to over $60 million“
The CEO said “GE also plans to build a training facility on its manufacturing site to ensure ongoing employee development.
“ The company will provide one year to four year training programmes locally and internationally for repair engineers, welders, fabricators, machinists and special processing.
Acting Governor of Cross River State, Mr Effiok Cobham, who described the investment plan as a welcome development, said the state would do everything possible to ensure its sustainability.
He said the plan was part of government efforts in attracting foreign investors to the country.
“We shall continue to make Cross River a safe state for investors”, he added.
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
The Nigeria Union of Journalists (NUJ), Rivers State Council, has urged the Economic and Financial Crimes Commission (EFCC) to expedite the prosecution of the Director of the now distressed MBA Forex Trading, Mr. Maxwell Odum, in the interest of justice.
The Rivers State NUJ made the appeal during a courtesy visit to the EFFC’s Ag. Zonal Director, ACE Hassan Saidu, in Port Harcourt, recently.
The council’s chairman, Comrade Paul Bazia, said the appeal became imperative after it considered the number of Nigerians and others involved in the financial misconduct.
According to him, it has caused hardship among many households in the country and should be given the attention it deserves.
He said that investors cannot come into a country or invest in an economy or nation ridden with fraud.
This, he said, has made it more imperative to arrest, prosecute and convict alleged fraudsters like the MBA Forex Director, who is alleged to have defrauded thousands of unsuspecting Nigerians, to serve as a deterrent to others.
The chairman also requested that while the trial lasts, part of the swindled funds should be given to the victims that suffered loss and trauma as a result of the fraud.
The NUJ reiterated its resolve to change the narrative of reportage from crisis to developmental communication.
According to him, the NUJ’s main focus is blue economy and tourism.
He expressed the readiness of the Council to partner the agency in the area of information dissemination.
“We believe you have a responsibility to fight financial crimes. We also know that you need the Press to publicize your activities and NUJ can provide that,” he said.
Responding, the Zonal EFFC’s boss commended the NUJ’s vision to change the narrative of reporting from crisis to developmental communication.
According to Saidu, the Western world have since imbibed such culture, hence the negative stories about them are carefully sifted to allow only positive ones to be released to the outside world.
As for the trapped funds to be released, the EFCC Zonal Director stated that only the court can authorize such action, stressing that the primary responsibility of the Commission is to arrest and prosecute.
He pledged to partner with the NUJ now that the leadership has visited the Commission.
The Head of the Legal & Prosecution Department, DCE Odiase Stephen, corroborated the Zonal Director’s position and stressed that it was only when the matter has been determined by the court that such funds can be released.
He further stated that once a matter is before a court of competent jurisdiction, it cannot be discussed outside.
By: King Onunwor
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