General Electric Co and the government of Nigeria have signed a memorandum of understanding intended to help Africa's second-largest economy to build up its power grid.Nigeria aims to develop 10 gigawatts of additional electricity-generating capacity over the next decade, after it privatizes its power sector, which is seen as dilapidated and woefully inadequate.The largest U.S. conglomerate denied an earlier statement by a spokesman for Nigeria's power ministry who had said GE had agreed to invest $10 billion in new power plants."The (memorandum of understanding) does not outline investment amounts or commitments. GE will potentially invest 10 percent to 15 percent in individual projects," the world's largest maker of electric turbines said in a statement.
General Electric Company (GE) is a diversified technology and financial services corporation. Shares of GE traded higher by 1.21% or $0.24/share to $20.02. In the past year, the shares have traded as low as $14.02 and as high as $20.85. On average, 48175300 shares of GE exchange hands on a given day and today's volume is recorded at 13360838.
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