President Bola Tinubu stated that Nigeria’s investment environment is based on the ‘willing-buyer and willing-seller’ principle, which facilitates smooth access to capital for both domestic and international investors.
The President provided this assurance on Sunday in Riyadh, Saudi Arabia, during a discussion with Samsung’s President and Chief Executive Officer, Hong Namkoong, and Jungwook Kim, the Chairman of Samsung Investment Global.
This meeting occurred alongside the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development.
”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”.
President Tinubu also emphasized the significance of expanding partnerships in sectors such as crude oil, natural gas, renewable energy, engineering, technology, and agriculture. He highlighted the opportunities for extensive private sector involvement in creating comprehensive, off-grid, cold-chain solutions across various sub-industries within the agriculture sector. This approach aims to prevent post-harvest losses through widespread refrigeration capabilities.
”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 Chairman 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.
”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,” Mr. Kim concluded.