Firm To Invest $1bn In Transport Sector

The President and Chief
Executive Officer (CEO), General Electric, Dr Lazarus Angbazo has announced the company’s plan to invest $1 billion in the transport sector.
Angbazo stated this during a media Chat with  journalists recently in Port Harcourt.
He said the company has earmarked $250 million dollars for the courtruction of a multi-modal manufacturing and assembly plant in Calabar to boost the transport sector   within the South-South region.
The GE boss also said that about $800 million will be earmarked for operating expenses including supplier development human resources, research, training and other expenditure over a five year period by the company.
He said the investment remains the company largest and biggest investment in sub-Saharan Africa till date, stressing that it is only the second of its kind in the world.
Angbazo said over $8 million has been spent on the project Calabar, stressing that the project is expected to be completed in 2016.
He further said that the investment in the South-South geopolitical zone is aimed at strengthening the company local presence in Nigeria with the potential of creating over 5000 direct and indirect jobs for the zone.
He said the company policy to invest in the country transport sector was tailored to complement the Federal Government’s move to overhaul the transport system in the country.

Philip Okparaji