General Electric Co has signed a memorandum of understanding with Nigeria to invest $10 billion in new power plants for Nigeria in which it will take a 10-15 percent equity stakes, a power ministry spokesman told Reuters on Monday.

The spokesman said GE would be partnering with the government and the power sector partners, in a deal that will go ahead after privatisation of Nigeria's dilapidated and woefully inadequate power sector goes ahead.

(Reporting by Joe Brock; Writing by Tim Cocks; Editing by Hans-Juergen Peters)