Samsung eyes Nigeria’s power, energy sectors as Tinubu canvasses investment at WEF

Samsung eyes Nigeria’s power, energy sectors as Tinubu canvasses investment at WEF

President Bola Tinubu says investors should take advantage
of the opportunities in Nigeria and “invest early and deeply”.

 

Tinubu spoke on Sunday at the World Economic Forum (WEF)
during a meeting with Hong Namkoong, president and chief executive officer
(CEO) of Samsung, and Jungwook Kim, chairman of Samsung Investment Global.

 

In a statement by Ajuri Ngelale, the presidential aide,
Tinubu said the country has an investment environment that operates on the
principle of ‘a willing buyer and willing seller’.

 

This, according to the president, would ensure investors
have seamless access to capital both within and outside the country.

 

”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,” Tinubu said.

 

“They go ahead of us in their determination to succeed. We
must keep up and provide opportunities for them to excel.

 

“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 modelled after
a willing-buyer and willing-seller arrangement. Easy capital in and easy
capital out.”

 

The statement said Tinubu also detailed 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.

 

”We are ready to discuss and discover one another more. We
can benefit so much from a collaborative effort,” the president told the
Samsung executives.

 

“You have the know-how, and we have the willingness. Seize
this opportunity.”

 

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.

 

”We have built many power stations around the world. We are
top of the class in gas-fired power plant construction,” Kim said.

 

“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.”

 

Kim said the company is looking forward to seeing how they
can penetrate the Nigerian market deeper, adding that it is “a great
opportunity for us”.

Source: Samsung eyes Nigeria’s power, energy sectors as Tinubu canvasses investment at WEF

 - NigerianEye
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