ABB to explore investment opportunities in Nigeria

ABB has revealed a two point strategy for investing over $ 1 bn (N 120 bn) in Nigeria. To fulfil these plans, a regional office has been established to explore all investment opportunities in oil and gas, reviewable energy resource and power sector in Nigeria and a number of other African countries.
ABB's President and CEO, Mr. Jorgern Centerman said with the emergence of democratic rule, enhanced oil and gas deposit in Nigeria, ABB will ensure improved investment in the country.
Centerman said these activities which will form part of the mid-term projections to be executed between 2001-2005, will also enhance ABB's investment in Africa. Also speaking on the issue, President ABB France and group country representative for the Middle East and Africa, Mr. Max Abitbol, said aggressive in-road into the oil and gas sector is part of his mandate which he will pursue seriously.
Abitbol said ABB, will be part of the Federal Government privatisation effort in the energy sector with particular reference to the independent power project (IPP) scheme of the President Olusegun Obasanjo's government. Though, ABB had divested from active power activities, he said provision of necessary infrastructure and equipment for the project to take off on sound footings will be pursued.

Centerman said ABB will in the years ahead build on its global customer base, broad and leading products and services portfolio and technological shift. The global technology firm also announced a three-point strategy for the sustenance of its growth for the next five years.
Centerman, stated that ABB recorded 23 % growth in earnings last year. The president highlighted the company's strategy for top line and bottom-line growth which include: new customer-centric organisation; broadening of ABB's Industrial Information Technology (IIT) and New ventures to drive growth.
"We are now aggressively targeting new ways to deliver more value to our customers and are more confident that we will generate better top-line and bottom-line performance," Centerman said: Revenues are expected to increase, while earnings before interest and taxes (EBIT) net income from continuing operations and cash flow from operating activities are expected to be well above last year's level.
ABB believes that transformation along customer lines will help to boost growth by ensuring that customers becomes more successful in a business environment of accelerating globalisation. Said he: "ABB builds on leading position across its products and services offerings to manufacturing and customer industries, process industries and utilities in more than 100 countries".

The organisation's transformation into a customer-centric structure he said would be self-financed at the divisional level, and not incur any restructuring charges. "The new organisation will be implemented in most market by mid-year 2001," he said. "Our number one growth opportunity lies in our existing base. Today some 30 % of ABB's annual sales came from our 200 top customers alone,"Centerman said.
He said four customer divisions, utilities, process industries, manufacturing and customer industries, oil, gas and petrochemicals will provide end-users with faster and easier access to the full range of its products, services and solutions.
Centerman stressed that to strengthen its industrial IT approach, a new business subsidiary tagged, New Ventures Limited, has been established to identify and invest in promising new technologies, business innovations and in new partnerships. He said the new venture will speed up commercialisation of ABB's product and business development, through three units.
ABB industrial IT venture capital fund, ABB incubation and ABB operational ventures. "In alternative energy solutions, the firm is working with a broad range of products, including, renewable technologies such as wind, power, micro turbines and micro grids for distributed clean electricity generation, Centerman stated.