‘Take Advantage Of This Chance, Invest In Nigeria’ — Tinubu To Samsung CEO
ACCORDING to President Bola Tinubu, investors, whether local or foreign, may easily obtain funds in Nigeria because the country's investment climate is based on the idea of a ready buyer and willing seller.
The assurance was provided by Tinubu in Riyadh, Saudi Arabia, during a meeting with Samsung's chairman, Jungwook Kim, and president and chief executive officer, Hong Namkoong.
The World Economic Forum Special summit on Global Collaboration, Growth, and Energy for Development was held concurrently with the summit.
Tinubu stated as follows in a statement released by Ajuri Ngelale, the President's Special Advisor on Media and Publicity: “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.
“We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. It is modeled after a willing-buyer and willing- seller arrangement. Easy capital in and easy capital out.”
The importance of strengthening cooperation in a number of industries, such as natural gas, renewable energy, engineering, technology, and agriculture, was also emphasized by President Tinubu. He underlined how much the private sector could contribute to the development of completely integrated, off-grid cold-chain infrastructure in agriculture-related sub-industries.
The goal of this program is to reduce post-harvest losses by offering a significant amount of refrigeration capacity.
“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,” the President told the Samsung executives.
Samsung's Chairman Kim expressed the company's desire to increase its presence in Nigeria by highlighting the successes of its allied businesses that are currently operating there. He also described potential areas for additional involvement and development in Nigeria.
“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.
“Transmission lines and smart grids are areas where we see increasing demand globally. You need infrastructure anywhere you go. We are good at metropolitan rail lines; we are good at bridge construction and any of these types of infrastructure projects, in addition to oil and gas engineering projects. We are looking forward to knowing Nigeria better under your leadership and to see how we can penetrate the Nigerian market deep This is a great opportunity for us,” Kim said.
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