Samsung Chairman Kim expressed the company’s interest in expanding its presence in Nigeria.
President Bola Tinubu emphasized Nigeria’s commitment to a fair and open investment environment based on the principle of ‘willing-buyer and willing-seller,’ ensuring investors have smooth access to capital from both domestic and international sources.
The president provided this assurance during a meeting on Sunday in Riyadh, Saudi Arabia, with Samsung President and CEO Hong Namkoong and Samsung Investment Global Chairman Jungwook Kim. The discussion occurred during the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development.
“Nigeria is a vast country with a large and capable population. Our youth are enthusiastic and eager to learn and advance,” Tinubu said. “We need to support them by providing opportunities for success. There’s an infrastructure deficit that you can leverage by investing early and substantially in a welcoming, absorptive market. The investment model follows the ‘willing-buyer, willing-seller’ principle, with easy capital flow in and out.”
President Tinubu outlined the major investment prospects across sectors as part of the Renewed Hope Infrastructure Development Fund, which includes using co-finance instruments on critical infrastructure and technology, areas where Samsung has significant expertise.
The president stressed the importance of expanding cooperation in oil, natural gas, renewable energy, engineering, technology, and agriculture. He highlighted the potential for private sector participation in creating off-grid, cold-chain integration across agricultural sub-industries to prevent post-harvest losses through large-scale refrigeration.
“We are ready to deepen our mutual understanding and collaboration. You have the expertise, and we have the eagerness. Take advantage of this opportunity,” Tinubu told the Samsung representatives.
Samsung Chairman Kim expressed interest in expanding Samsung’s operations in Nigeria, citing the successes of sister companies in the country and outlining potential new opportunities.
“We have constructed many power stations globally and excel in gas-fired power plant development. Our portfolio of renewable energy solutions continues to grow worldwide. We aim to advance Nigeria’s energy sector and bring our technology to other important sectors.”
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