Adapted from GE reports.
Consider that just three out of 10 Africans have electricity in their homes. But even those in Africa with electricity are having a bumpy ride. The World Bank estimates that manufacturers on the continent face an average of 56 days a year without power. Although Africa as a whole is growing 2 percent faster than the rest of the world, the lack of power acts like a potent brake on Africa’s economic expansion and standards of living. Controlled power outages to avoid overloading the grid shaved an estimated 2 percent on average
from the continent’s economic growth. “Lack of infrastructure is the biggest obstacle to faster economic development,” says Marco Annunziata, GE’s chief economist.Consider that just three out of 10 Africans have electricity in their homes. But even those in Africa with electricity are having a bumpy ride. The World Bank estimates that manufacturers on the continent face an average of 56 days a year without power. Although Africa as a whole is growing 2 percent faster than the rest of the world, the lack of power acts like a potent brake on Africa’s economic expansion and standards of living. Controlled power outages to avoid overloading the grid shaved an estimated 2 percent on average
GE recently announced that it would invest more than $2 billion in Africa in new plants, skills training and sustainability projects. The company recently announced a multi-billion power generation project in Algeria, a locomotive assembly plant in South Africa and even a challenge for local innovators to come up with new electricity solutions for off-grid communities.
The new commitment will include a $250-million multi-modal manufacturing plant in Nigeria that will create 2,300 local jobs, a power generation project in Ghana and a training center in South Africa. Just in the last year, GE has announced $5.7 billion in business transactions on the continent.
“GE has long been committed to unlocking Africa’s potential, but as our most recent deals in the region show, we believe there is still more that we can do,” says Jay Ireland, president and CEO for GE Africa. “Our investments in infrastructure and people only strengthen our role as a key partner in building Africa’s future.”
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