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Nigeria’s Tech Environment Ready for Foreign Investments, Tinubu Tells Samsung CEO

Nigeria is Ready for Foreign Investments -Tinubu to samsung

President Bola Tinubu emphasized the readiness of Nigeria’s tech environment for foreign investments during a meeting with Samsung executives in Riyadh, Saudi Arabia. Tinubu highlighted the principle of a willing buyer and seller, ensuring seamless access to capital for investors, both local and foreign. The meeting, which occurred on the sidelines of the World Economic Forum Special Meeting on Global Collaboration, Growth, and Energy for Development, saw Tinubu promoting Nigeria as an attractive destination for investment, particularly in technology.

Tinubu’s spokesperson, Mr. Ajuri Ngelale, shared details of the meeting, titled ‘President Tinubu to Samsung CEO: Nigeria is the best destination in terms of value for money; your technology with Nigerian ingenuity will create limitless opportunities.’ Tinubu lauded Nigerian youths for their determination and readiness to succeed, stressing the importance of providing opportunities for them to excel.

Highlighting opportunities for investment within the Renewed Hope Infrastructure Development Fund, Tinubu emphasized collaboration in sectors such as crude oil, natural gas, renewable energy, engineering, technology, and agriculture. He also emphasized the potential for private sector participation in establishing fully-embedded, off-grid, cold-chain integration in the agriculture sector to minimize post-harvest losses.

Samsung Chairman Kim expressed interest in expanding Samsung’s presence in Nigeria, citing successes of sister companies already operating in the country. He outlined potential opportunities in Nigeria’s energy sector and other key productive sectors, expressing eagerness to deepen collaboration.

Nigeria’s trade relationship with South Korea has grown significantly since its establishment in 1980, with bilateral trade volume reaching $1.73bn in 2023. Both countries have expressed interest in expanding bilateral trade relations beyond traditional exports, particularly in agriculture and manufacturing sectors.

This Article is Fact-Checked. See Policy.

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