Unlocking Word Meanings
Read the following words/expressions found in today’s article.
Read the following words/expressions found in today’s article.
1. invest [in-VEST] (v.) – to spend money or capital to earn more money
Example: The company plans to invest on international companies to increase profit.
2. pressing [PRES-ing] (adj.) – needing instant or immediate attention
Example: Government leaders must act on the most pressing problems in the country, such as poverty.
3. materialize [muh-TEER-ee-uh-lahyz] (v.) – to become real
Example: The politicians’ promise to improve electric supply did not materialize because of lack of funds.
4. partnership [PAHRT-ner-ship] (n.) – a business relationship between two groups who equally share capitals, profits and losses
Example: The electric company plans a partnership with the government.
5. take over [TEYK-oh-ver] (v.) – to become in control
Example: Howard took over the company when his father became sick.
Article
Read the text below.
General Electric (GE), an American energy corporation, will invest $1 billion in Nigeria to provide more electricity and power production in the country.
Poor electricity has been one of the most pressing problems in Nigeria. In fact, the region is still powered by electricity from generators. Many Nigerian leaders had promised to improve power supply, but none of their plans materialized mainly because of corruption in the power sector. Oil and power companies also stole from public funds, the country’s officials said.
But this time, GE’s investment can be the answer to Nigeria’s problems in electricity. GE promises an increase in the electric supply by more than three times over the next 10 years. Nigerian President Goodluck Jonathan also assured his people that improvements can begin by the end of this year.
The investment will be a partnership between GE and private Nigerian companies. But, in addition, GE plans to take over one of Nigeria’s biggest power plants. GE will also look into Nigeria’s rich supply of gas and oil. The company will initially invest $250 million, while the rest will be allotted for maintenance, training and salaries of employees.
Solving electricity problems in Nigeria may be difficult because of the vast corruption in the country. However, Nigeria’s Minister of Trade and Investment Olusegun Aganga believes that the plan will work.
Aside from addressing the problems on electricity, the investment will also create 2,000 jobs, mostly for Nigerians. Aganga added that GE’s investment would not only help produce electricity, but will also improve Nigeria’s economy by encouraging other investments.
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Viewpoint Discussion
Enjoy a discussion with your tutor.
Discussion A
· Do you think it is wise for Nigeria to partner with a foreign company? Please explain your answer.
· What can be the possible dangers in Nigeria’s decision to work with GE?
Discussion B
· Why do you think corruption exists?
· How can corruption be stopped?
