President Bola Tinubu has promised Samsung Group and other legitimate investors a favourable business climate within the Nigerian economic industry. During a meeting in Riyadh, Saudi Arabia, the president commented while in the company of Samsung’s President and CEO, Hong Namkoong, and Samsung Investment Global’s Chairman, Jungwook Kim. Tinubu emphasised that Nigeria’s investment landscape follows a ‘willing buyer, willing seller’ principle, providing investors worldwide with easy access to capital. This gathering convened at the World Economic Forum’s Special Meeting on Global Collaboration, Growth, and Energy for Development.
Also, Nigeria has a vast expanse and a sizable population of capable individuals. The energetic youth population is eager to grow and advance. They take proactive steps towards success without relying on the government, which must keep pace and create avenues for growth and achievement. Their infrastructure deficiency allows them to invest heavily and promptly in a welcoming and receptive environment. This approach follows a mutual agreement between buyer and seller, and the flow of capital in and out is smooth.
Need for transmission lines and smart grids is evident globally.
The president stated that the Renewed Hope Infrastructure Development Fund offers various investment opportunities in different sectors. This fund focuses on utilising co-finance instruments for crucial infrastructure and technology projects, and Samsung is a prominent producer in this field. Tinubu stressed the significance of strengthening partnerships across various industries, including crude oil, natural gas, renewable energy, engineering, technology, and agriculture. He stated the opportunity for extensive private company involvement in creating comprehensive, off-grid refrigeration systems to reduce post-harvest losses in various agricultural sectors through increased refrigeration capabilities. The president informed the Samsung executives about collaboration’s potential for great benefits. They are eager to engage in deeper discussions and explore each other further.
Kim highlighted Samsung’s desire to grow in Nigeria, pointing to the achievements of related companies already working there and outlining potential prospects. Power stations have been constructed in various locations globally, showcasing their expertise in building gas-fired plants. Additionally, their expanding portfolio includes the development of renewable energy solutions worldwide. Their contributions to Nigeria’s energy industry could lead to advancements in other important sectors. The growing need for transmission lines and smart grids is evident worldwide, presenting lucrative opportunities for them to expand their technological reach.
Samsung is committed to delivering high-quality infrastructure solutions.
Furthermore, Kim stressed the importance of global infrastructure projects, particularly metropolitan railways, bridges, and oil and gas engineering ventures. He expressed eagerness to explore the Nigerian market further during the president’s term, viewing it as a promising opportunity for expansion. Kim emphasised their expertise in various projects and commitment to delivering high-quality infrastructure solutions. He expressed excitement about learning more about Nigeria and establishing a strong presence there, recognising the region’s potential for growth and success.
However, the collaboration between President Tinubu, Samsung, and other investors is poised to benefit both parties and the Nigerian economy. By leveraging Samsung’s expertise in infrastructure development and technology solutions, Nigeria gains innovative advancements in critical sectors such as energy, engineering, and agriculture. Samsung’s involvement in creating off-grid refrigeration systems could revolutionise the agricultural industry, reducing post-harvest losses and improving food security in the country. Also, the introduction of smart grids and transmission lines could enhance the efficiency and reliability of Nigeria’s energy infrastructure, paving the way for sustainable development and economic growth.
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In return, Samsung and other investors can benefit from the vast opportunities presented by Nigeria’s dynamic market and growing population. The country’s commitment to providing a conducive business environment and promoting partnerships across various industries opens up new avenues for growth and investment. By collaborating with local stakeholders and tapping into the Renewed Hope Infrastructure Development Fund, Samsung can expand its presence and contribute to the country’s infrastructure development. This mutual partnership drives economic progress and technological innovation and strengthens the global network of collaboration and growth, showcasing the positive impact of international investments in Nigeria’s economy.
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