President Bola Tinubu lauded Nigeria’s tech ecosystem as “absorptive and ready” for foreign investments during a meeting with Samsung executives in Riyadh, Saudi Arabia. Tinubu emphasized the country’s investment climate, operating on the principle of a ‘willing buyer and willing seller,’ facilitating seamless access to capital for both local and foreign investors.
In discussions with Samsung’s President and CEO, Hong Namkoong, and Chairman of Samsung Investment Global, Jungwook Kim, Tinubu’s spokesperson, Mr. Ajuri Ngelale, revealed details of the talks. Tinubu highlighted Nigerian youths’ ingenuity and their readiness to excel, stressing the need to provide opportunities for their growth.
Tinubu outlined significant investment opportunities across sectors within the Renewed Hope Infrastructure Development Fund, emphasizing potential collaborations in critical infrastructure and technology, areas in which Samsung excels. He underscored the importance of private sector participation, especially in off-grid cold-chain integration to reduce post-harvest losses in agriculture.
Expressing Samsung’s interest in expanding its presence in Nigeria, Chairman Kim cited successes of sister companies already operating in the country and outlined potential opportunities, particularly in energy and infrastructure projects. He highlighted Samsung’s expertise in renewable energy solutions, transmission lines, smart grids, and infrastructure development.
Nigeria’s trade relationship with South Korea, established in 1980, has seen significant growth, with bilateral trade volume reaching $1.73 billion in 2023. Ambassador Kim Young-Chae expressed interest in diversifying trade beyond gas, indicating room for growth in agriculture and manufacturing sectors.