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GE, Samsung and others named strategic investors in Africa

Nigerian President Buhari has named GE, Dangote, Samsung and Ladol as strategic investors in Africa

Speaking at the sixth African Petroleum Congress and Exhibition (CAPE VI), organised by the African Petroleum Producers Association (APPA) in Abuja, the President urged other investors to make similar strategic investments in order to enhance economic growth of the country.

Buhari also made a special mention of ongoing mega projects including the GE service centre for manufacturing rotating equipment in Calabar, the Ladol industrial free zone in Lagos that hosts the largest shipyard in West Africa, Dangote refinery in Lagos that has a capacity of 650,000 bpd and the Samsung FPSO integration yard in Lagos as some of the projects most strategic to the struggling African economy.

Buhari also said that the continent must recognise the development of domestic refining capacity in oil and gas as being critical to sustainable economic growth. Heavy dependence on imports would continue to stunt her growth.

“The use of gas in Africa’s future energy mix has become imperative. If Africa must meet her future energy needs, the issue of the development of a robust gas infrastructure must be jointly addressed,” he said.