General Electric (GE) and Heirs Holdings (HH) have agreed to expand their business relationship and pursue opportunities in Nigeria’s oil and gas sector.
The pair have identified an opening in the country’s upstream sector and domestic demand for oil and gas in the country.
The firms’ collaboration was initially focused on the Nigerian power sector and the expansion of Transcorp Ughelli, Nigeria’s biggest power station.
Tony Elumelu, HH chairman, said: “Partnerships like this capture the spirit of what I have termed Africapitalism and bring together global entities and world-class Nigerian companies.
“These are the kinds of investments we need to create employment and ensure economic value.
“The agreement will ensure the development of local capacity, technology transfer and leverage the best of global technology to deliver a solution fit for the African market.”
The GE-HH relationship is expected to lead to significant investment and supply chain benefits for a whole range of Nigerian companies, operating across the industry value chain.