President Bola Tinubu has emphasized Nigeria’s status as an optimal investment destination, urging Samsung to consider significant investment opportunities within the country. His remarks came during a meeting with Samsung executives, Hong Namkoong, President and CEO, and Jungwook Kim, Chairman of Samsung Investment Global, on the sidelines of the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh, Saudi Arabia.
Tinubu highlighted Nigeria’s advantageous environment for investment, citing its principle of ‘a willing-buyer and willing-seller’, which facilitates seamless access to capital for investors both domestically and internationally. He underscored the country’s vast potential, particularly its large population and dynamic youth demographic, emphasizing their readiness for learning and progress.
The President detailed the significant investment opportunities across various sectors, particularly within the Renewed Hope Infrastructure Development Fund. He outlined the potential utilization of co-finance instruments for critical infrastructure and technology projects, areas in which Samsung has demonstrated expertise.
Furthermore, Tinubu emphasized the importance of collaboration in sectors such as crude oil, natural gas, renewable energy, engineering, technology, and agriculture. He highlighted the potential for private sector participation, particularly in establishing fully embedded, off-grid, cold-chain integration in the agriculture sector to mitigate post-harvest losses.
In response, Samsung Chairman Jungwook Kim expressed the company’s interest in expanding its presence in Nigeria. He cited the successes of sister companies operating in the country and outlined potential opportunities for growth, particularly in the energy sector and infrastructure projects.
Kim emphasized Samsung’s expertise in power plant construction, renewable energy solutions, and infrastructure development, expressing readiness to explore deeper penetration of the Nigerian market.
The meeting concluded with both parties expressing optimism about the potential for mutually beneficial collaboration. Tinubu reiterated Nigeria’s openness to investment and encouraged Samsung to seize the opportunity for fruitful engagement in the country.
The discussions underscored the importance of strategic partnerships between governments and multinational corporations in driving economic growth and development, particularly in emerging markets like Nigeria.
REF: The Guardian News
