GE Oil & Gas COO calls for More Investment in Infrastructure

Global infrastructure giant, GE has identified infrastructure deficiency as one of the challenges militating against the oil and gas sector in Africa. Chief Operating Officer of GE Oil & Gas for West Africa Uzo Nwagwu made the declaration at the 38th Nigeria Annual International Conference and Exhibition of Society of Petroleum Engineers held in Lagos recently. Uzo Nwagwu said the obvious paucity in infrastructure on the continent should be given immediate priority so that private investors could be encouraged to invest in the industry. “Infrastructural challenges continue to be a deal breaker in discussions so far; with respect to the inadequate gas and pipeline networks and lack of incentives to be able to invest in gas facilities by private investors.” With the projection that Africa’s population which is currently 820 million, will by 2025 increase to one billion, he said the time to improve on the existing infrastructure is now. His words: “the middle class is at 320 million; by 2030, we expect that to be about 420 million. By 2030, we’ll need additional 1000 new aircraft to transport people from point to point. With respect to power generation demands, it will grow at about 10 percent annually from now till about 2025.” For Africa to harness all the opportunities available, Uzo Nwagwu stated investors and companies like GE need to be on ground with a deliberate localisation policy hinged on local investments, technology and skills transfer as well as job creation. He said GE already employs over 500 employees in Nigeria alone with a commitment to invest $1billion in total in Calabar – $250million of which has been earmarked as capital expenditure for a multi-modal manufacturing and assembly plant in Calabar. When completed, this facility will help create at least 2,300 direct and indirect jobs. http://perfectbrandsng.com/ge-oil-gas-coo-calls-for-more-investment-in-infrastructure/