Firm To Invest $1bn In Nigeria, Others
Agro-machinery/construction giant, Caterpillar, has announced plans to invest more than $1 billion in the continent over the next five years. The investment is geared towards assisting Nigeria and other African countries boost their agro-allied industries, infrastructure and manpower development In a statement to New Telegraph and signed by the company’s management, Caterpillar said the firm, its independent dealers and the Caterpillar Foundation would invest more than $1 billion in countries across Africa including Nigeria, South Africa, Egypt, Kenya, Ghana and others in the next five years.
Caterpillar’s Chairman and Chief Executive Officer, Doug Oberhelman, said that the investment was aimed at strengthening Caterpillar’s long-term pledge to support the continent and is expected to provide a huge upgrade in customer service capabilities – such as enhanced parts distribution capacity, new certified rebuild centres and new dealer branch locations in these African countries.
“For 90 years, Caterpillar machines have helped build critical infrastructure projects throughout Africa. Today, we bring not only construction machinery to the continent, but also traditional and renewable power generation solutions, diesel-electric locomotives, marine engines, agro-allied and mining equipment.”
“With today’s announcement, we are proudly confirming our plan to make a long-term investment to help build, develop and power communities, and serve as an education and training partner to broaden and strengthen local workforce talent and expertise.”
Since 2010, the Caterpillar Foundation according to the statement, has invested around $50 million to support projects in Africa in a drive to help those living in poverty, especially girls and women, through training, policy work and entrepreneurship programmes. It also revealed that the Caterpillar Foundation would commit an additional $15 million by the year 2020 to organisations working with a goal to enhance the lives of people across Africa.
Source: New Telegraph