The slump in oil prices is hurting countries like Nigeria and Angola, according to General Electric Africa CEO Jay Ireland. ‘The majority of their government revenues come from oil – so its’ a huge impact on their budgets,’ he said. Aside from oil, Ireland said there will still be plenty of growth in Africa on the heels of the consumer, arable land and agriculture. Ireland also commented on GE’s recent $2 billion investment in Africa. GE is a holding of Jim Cramer’s charitable trust, Action Alerts PLUS,. TheStreet’s Rhonda Schaffler reports from the 2016 Milken Institute Global Conference in Los Angeles.
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