Tinubu to Samsung: Nigeria, best place for tech investment

President Bola Tinubu has called on Samsung to consider more investment in Nigeria.

Tinubu said Nigeria’s investment environment 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.

The president said this during a meeting with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim, in Riyadh, Saudi Arabia, on Sunday, April 28, 2024.

The meeting was held on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development.

He said: “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.

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“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.”

President Tinubu, according to a statement issued by his spokesman, Ajuri Ngelale, took time to detail the significant opportunities across sectors for investment within the Renewed Hope Infrastructure Development Fund, which involves the potential utilisation of co-finance instruments on critical infrastructure and technology which Samsung is well known to produce.

Tinubu also harped on the importance of deepening collaboration in the crude oil, natural gas, renewable energy, engineering, technology and agriculture sectors, emphasising the potential for vast private sector participation in the establishment of fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to forestall post-harvest losses with mass refrigeration capacity.

On his part, Kim expressed Samsung’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria.

The Samsung chairman said: “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 deeper. This is a great opportunity for us.”

The Star