ML Direct: Nigeria & General Electric sign $10bn MoU to build new power plants

Nigeria has signed a $10 billion agreement with General Electric (GE) to build 10,000 megawatts power plants in the country.

The Minister of Power, Prof. Barth Nnaji, who signed the Memorandum of Understanding (MoU) with GE in London on Sunday, said it provided for the construction of "series of power plants" in the country.

"In the past, GE only supply the equipment but now, they will be investing 10 to 15 percent in equity for every single project,  the government will match them in such investment while the private sector will bring the balance."