March 26, 2012 / 10:18 AM / 5 years ago

Nigeria sys GE signs $10 billion power plants MoU

A man enters the General Electric building at 1250 Avenue of the Americas, also known as 30 Rockefeller Plaza in New York, January 22, 2010. REUTERS/Brendan McDermid

ABUJA (Reuters) - General Electric Co (GE.N) has signed a memorandum of understanding with Nigeria to invest $10 billion in new power plants for Nigeria in which it will take a 10-15 percent equity stakes, a power ministry spokesman told Reuters on Monday.

The spokesman said GE would be “partnering with the government and the power sector partners,” in a deal that will go ahead after privatisation of Nigeria’s dilapidated and woefully inadequate power sector goes ahead.

Reporting by Joe Brock; Writing by Tim Cocks; Editing by Hans-Juergen Peters

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