Global powerhouse Samsung has been asked by President Bola Tinubu to see Nigeria as the ideal place to invest because the country runs based on the concept of “a willing buyer and willing seller,” which guarantees easy access to finance for investors from both inside and outside the nation.
The President provided the assurance on Sunday in Riyadh, Saudi Arabia, at a meeting with Samsung’s president and chief executive officer, Hong Namkoong, and vice chairman of Samsung Investment Global, Jungwook Kim, according to a statement released on Sunday by the presidential spokesperson, Ajuri Ngelale.
The World Economic Forum Special gathering on Global Collaboration, Growth, and Energy for Development, which is now taking place in Riyadh, Saudi Arabia, coincided with the gathering.
“Nigeria is a very huge country with a huge and able population,” stated the president. “Our young people are energetic and eager to study and grow. Our young actually don’t wait on us.”
“They are more determined to succeed than we are. We have to stay up to date and provide them chances to succeed. You may capitalize on the infrastructure gap we have by making early, significant investments in a setting that is receptive and prepared for them. It is based on the willing-seller and willing-buyer model. Simple capital inflows and outflows.”
The President expounded on the noteworthy prospects for investment across several industries under the Renewed Hope Infrastructure Development Fund. These chances encompassed the possible use of co-finance instruments on crucial infrastructure and technology, both of which Samsung is renowned for producing.
The importance of strengthening cooperation in the fields of crude oil, natural gas, renewable energy, engineering, technology, and agriculture was also emphasized by President Tinubu. He emphasized the potential for significant private sector involvement in the development of fully integrated, off-grid, cold-chain integration across sub-industries in the agriculture sector to prevent post-harvest losses by utilizing mass refrigeration capacity.
“We’re eager to talk and get to know one other better. The benefits of working together are enormous. We’re willing, and you have the experience. Take advantage of this chance,” the President informed the Samsung executives.
In his speech, Samsung Chairman Jungwook Kim outlined prospective new opportunities in Nigeria and expressed Samsung’s desire to grow its presence there, citing the achievements of sister firms currently doing business there.
“We have constructed numerous power plants all around the world. When it comes to building gas-fired power plants, we lead the field. Our array of renewable energy solutions produced globally is constantly expanding. In addition to introducing our technology to other important productive areas, we can make significant strides in Nigeria’s energy industry.”
