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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
April 29
13:15 2024

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.

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”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.

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“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.”

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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.

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”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.”

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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”.

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