Tinubu urges Samsung to invest In Nigeria

President Bola Tinubu has urged Samsung to invest in Nigeria, saying it is the best destination in terms of value for money.

Presidency spokesman, Ajuri Ngelale, disclosed this after Tinubu met with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim.

According to Ajuri, Tinubu said Nigeria’s investment environment operates on the principle of ‘a willing-buyer and willing-seller’, which ensures seamless access to capital for investors both within and outside the country.

The President gave the assurance on Sunday in Riyadh, Saudi Arabia, on the sidelines of the World Economic Forum special meeting on Global Collaboration, Growth and Energy for Development.

“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. They go ahead of us in their determination to succeed,” Tinubu said.

“We must keep up and provide opportunities for them to excel with. 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 modeled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out.”

The President explained potential opportunities across sectors for investment within the Renewed Hope Infrastructure Development Fund, which involves the potential utilization of co-finance instruments on critical infrastructure and technology which Samsung is known to produce.

Tinubu also harped on the importance of deepening collaboration in the crude oil, natural gas, renewable energy, engineering, technology and agriculture sectors.

Ajuri said he also emphasized the potential for vast private sector participation in the establishment of fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to forestall post-harvest losses with mass refrigeration capacity.

“We are ready to discuss and discover one another more. We can benefit so much from collaborative effort. You have the know-how, and we have the willingness. Seize this opportunity,” Tinubu said.