TINUBU URGES SAMSUNG: “NIGERIA YOUR TOP INVESTMENT SPOT”
President Bola Tinubu has urged Samsung to see Nigeria as best investment destination, as it operates on the principle of ‘a willing-buyer and willing-seller’, which ensures seamless access to capital for investors both within and outside the country.
Ajuri Ngelale, the Presidential Spokesman, stated on Sunday that President Tinubu assured Samsung of Nigeria’s potential as an investment destination during a meeting in Riyadh, Saudi Arabia. The meeting included Hong Namkoong, President and CEO of Samsung, and Jungwook Kim, Chairman of Samsung Investment Global.
President Tinubu emphasized Nigeria’s vast population and energetic youth population, stating, “Nigeria is a very huge country with a huge and able population. We have vibrant youths ready to learn and progress. In fact, our young do not wait for us. They go ahead of us in their determination to succeed. We must keep up and provide opportunities for them to excel with.”
He highlighted Nigeria’s infrastructure deficit, encouraging Samsung to invest early and deeply in an environment conducive to investment. He described Nigeria’s investment environment as one characterized by easy capital inflow and outflow, built upon a willing-buyer and willing-seller arrangement.
The President outlined significant investment opportunities within the Renewed Hope Infrastructure Development Fund, emphasizing Samsung’s expertise in critical infrastructure and technology.
He urged deeper collaboration between Samsung and Nigeria in sectors such as crude oil, natural gas, renewable energy, engineering, technology, and agriculture. President Tinubu stressed the potential for vast private sector participation in establishing fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to mitigate post-harvest losses.
President Tinubu invited Samsung to engage in further discussions, stating, “We are ready to discuss and discover one another more. We can benefit so much from collaborative effort. You have the know-how, and we have the willingness. Seize this opportunity.”
Jungwook Kim, Samsung Chairman, expressed Samsung’s interest in expanding its presence in Nigeria, highlighting the success of sister companies already operating in the country. He outlined potential opportunities in Nigeria, particularly in the energy sector, infrastructure development, and technology.
“We have built many power stations around the world. We are top of the class in gas-fired power plant construction. We have an ever-increasing portfolio in the production of renewable energy solutions around the world. We can make a lot of progress in Nigeria’s energy sector as well as bringing our technology to other key productive sectors,” said Kim.
He mentioned areas of expertise such as transmission lines, smart grids, metropolitan rail lines, and bridge construction, stating, “We are looking forward to knowing Nigeria better under your leadership and to see how we can penetrate the Nigerian market deeper. This is a great opportunity for us.”
Source: Techeconomy
