(Adds details, background)
LAGOS Oct 10 General Electric (GE)
confirmed its a "keen interest" in acquiring a Nigeria railway
concession project worth around $2 billion, the U.S. company
said on Monday.
Nigerian President Muhammadu Buhari said this month that GE
would be investing $2.2 billion in a concession to revamp,
provide rolling stock, and manage some of the country's
"Given the size and scope of the proposed project, it is
likely that the debt and equity commitments required from
lenders, consortium partners and other co-developers will be in
the range of $2 billion or more," GE said in a statement mailed
It said the concession was in the formal procurement
Nigeria has been looking for partners to overhaul its ageing
railway system, which was mainly built by British colonial
rulers before the country's independence in 1960.
The West African nation has also signed two deals worth
around $5 billion with China Civil Engineering Construction Corp
(CCECC), part of China's state-owned railway construction firm,
to modernise and build railways in the north and south of the
country, the Nigerian transport ministry said last month.
Growth in Nigeria - an OPEC member whose economy has slipped
into recession for the first time in more than 20 years after
being hammered by low oil prices - has been stunted for decades
by a lack of investment in roads and railways.
GE said the railway concession project came on top of around
$150 million the firm was currently spending on capital
expenditures in Nigeria as cited by a senior company executive
(Reporting by Ulf Laessing; Editing by Susan Fenton)