General Electric Co sees double-digit revenue growth in its Africa business over the next few years, its regional head said on Friday, as the U.S. firm targets rising demand for heavy equipment and power projects on the growing continent.
Jay Ireland, GE's Africa chief executive, also told Reuters the company sees more opportunities in frontier African markets such as Ethiopia, Cameroon, Zambia and Mozambique.
Currently Africa contributes about 1 percent of GE's overall revenue, or around $1.8 billion, Ireland said in an interview on the sidelines of the World Economic Forum on Africa taking place this week in Ethiopia.
"We've got a line of sight for continued good double-digit growth over the next three to five years in both revenue and orders," he said.
To scout for opportunities, the leading U.S. conglomerate is basing more senior executives in Africa, Ireland said.
The world's largest maker of jet engines and electric turbines, GE in March signed a memorandum of understanding with the government of Nigeria, to help Africa's second-largest economy build up its power grid.
Nigeria, a major source of GE's African revenue, aims to develop 10 gigawatts of additional electricity-generating capacity over the next decade, after it privatises its dilapidated power sector.
While South Africa and the oil-rich states of Nigeria and Angola currently account for the bulk of GE's Africa business, the company is going more into smaller markets, where customers are increasingly looking for opportunities, Ireland said.
"In the oil and gas business we're equipment suppliers. We follow our customers wherever they may be."