The Nigerian subsidiary of South Korean company, Samsung Heavy Industries, has explained the reason the Asian company chose Nigeria as its first construction facility site outside Korea.
Managing Director, Samsung Heavy Industries Nigeria (SHIN) Limited, Jejin Jeon, explained that the country has some business traits that hold revenue potentials.
Jeon said the country’s business environment was poised for growth, considering its location and economic size in Africa. He added that the human capital of Nigeria was an advantage that favoured businesses operating in the country.
Samsung Heavy Industries is one of the largest shipbuilders in the world and one of the “Big Three” shipbuilders of South Korea. The company has developed and built the world’s first Arctic shuttle tanker and LNG FPSOs and has pioneered new markets by developing innovative products such as LNG FSRUs, various ships for polar regions, Arctic ice-breakers and container ships.
Jeon stated that Nigeria’s economy would thrive in 2020, adding that this belief was shared by others as well.
“We are not alone in our observations. In its recently published African Energy Outlook Report 2020, the African Energy Chamber outlined Africa’s growing demand for energy which is being met by new oil & gas resources coming online. As the African continent continues to urbanise, the demand for power increases,” he said.