OIL AND GAS: GE in $1billion Nigeria technology transfer bid.

   General Electric (GE), as the name suggests, has huge interests in the power (electricity) sector. The multinational has a subsidiary (GE Power and Water) wholly devoted to power generation, transmission and distribution across the world.

   t manufactures gas engines, gas turbines, wind turbines, steam turbines, generators, nuclear reactors, etc. GE is a big player in the Nigerian power sector where there is dire need of electricity. The subsidiary is also in charge of the conglomerate’s water and process technologies.
    Officials of GE Oil and Gas described the refurbishment of the subsea production equipment as an innovation in this part of the world as it is the only organisation in sub-Sahara Africa to do so.  In essence, before GE Oil and Gas opened the Onne site, oil firms in need of their subsea production equipment refurbishment had to do so abroad, spending huge sums of hard currency in the process.
 On the financial outlay of the GE Oil and Gas in Nigeria, Nwogwu said the multinational will spend over a billion dollars on the Calabar project, among other projects in the country, over the next five years.