By Bamigbola Olawunmi Jennifer
President Bola Tinubu announced on Sunday that Nigeria’s tech environment is ready for foreign investments, emphasizing a principle of “a willing buyer and willing seller,” which facilitates easy capital movement. Speaking with Samsung’s President and CEO Hong Namkoong and Samsung Investment Global Chairman Jungwook Kim in Riyadh, Saudi Arabia, during the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development, Tinubu highlighted the absorptive nature of Nigeria’s investment landscape.
Tinubu praised Nigerian youths for their determination to succeed without relying on government support, noting that the country has a large, capable population eager to learn and progress. He urged providing opportunities for these youths to excel and detailed significant investment opportunities in the Renewed Hope Infrastructure Development Fund. This includes potential co-finance instruments for critical infrastructure and technology sectors, which align with Samsung’s expertise.
Tinubu also stressed the need for deeper collaboration in various sectors, including crude oil, natural gas, renewable energy, engineering, technology, and agriculture. He emphasized the potential for private sector participation in establishing off-grid, cold-chain integration within the agriculture sector to prevent post-harvest losses through mass refrigeration.
He invited Samsung to seize the opportunity for collaboration, noting Nigeria’s readiness to discuss and explore mutual benefits. Samsung Chairman Kim expressed interest in expanding Samsung’s presence in Nigeria, highlighting the successes of their sister companies and potential new opportunities. Kim mentioned Samsung’s experience in constructing power stations, particularly gas-fired plants, and its growing portfolio in renewable energy solutions. He also pointed out the increasing global demand for transmission lines and smart grids, areas where Samsung sees significant potential in Nigeria.
Kim reaffirmed Samsung’s ability to make progress in Nigeria’s energy sector and other productive sectors by bringing their technology and expertise to the country.