The Managing Director of shipbuilder, Samsung Heavy Industries Nigeria (SHIN), Mr. Jejin Jeon, has extolled the virtues of working together as he shared Samsung’s success story of sustainable business engagement in Nigeria.
Jeon made this revelation in Lagos at the Nigeria-South Korea Business Forum to promote business links between Nigeria and South Korea.
The event was hosted by the Korea Trade-Investment Promotion Agency (KOTAR), the official trade and investment promotion agency of the Korean government.
Samsung has been deeply involved in Nigerian development since it entered the country in 2014.
The construction of its SHI-MCI fabrication and integration yard in Lagos allowed the construction of the Egina floating production storage and offloading (FPSO). The Egina is a flagship offshore oil and gas project for French oil major, Total, which is producing close over 200,000 barrels of crude oil per day, close to 10 per cent of Nigeria’s total oil production and is adding considerable revenue to the Nigerian economy.
Jeon, who was invited to speak on: “Sustainable business for economic development,” gave an overview of oil and gas industry in Nigeria, followed by a detailed explanation of how Samsung successfully completed the Egina FPSO project for its client Total.
“Samsung and its partners are dedicated to meeting Nigeria’s local content laws which stimulate local development. This is reflected in significant investments in human capacity development to meet the high demands of constructing the Egina including more than 560,000 man hours of training provided to local Nigerians who never had training in the shipbuilding or welding industries and 9.7 million man hours of labour which were carried out on Nigerian soil,” he explained.
The audience included industry stakeholders and delegates from Korean companies who were interested in hearing Jeon’s perspective on how international companies looking for investment and business opportunities can succeed in Nigeria.
Jeon emphasised that any international company considering entering the thriving Nigerian economy should consider three words: ‘Environment, regulation and partnering.’
“Before considering operating a business or exploring the opportunities in Nigeria, you should thoroughly research the business environment, regulatory landscape and relevant statutory requirements. Finally you should partner with a local company to develop a mutually beneficial relationship based on trust,” he added.
He stated his strong belief that the business opportunities and potential in Nigeria are significant and urged Korean companies to strongly consider investing in the future of Nigeria.
He noted that doing business in Nigeria is not without its challenges, stressing that the key to Samsung’s success had been its focus on job creation and human capacity development ,coupled with the continuous drive and support of the Nigerian government and relevant authorities to transform and sustain Nigeria into an investor friendly business nation.
Jeon shared Samsung’s vision for a future where the combination of Korean capital, technology and expertise, combined with Nigerian talent and energy, presents a mutually beneficial future for both countries.
According to him, the Egina project has proved that Nigeria’s local content rules work.
“They are not an obstacle to overcome: they are a platform from which to deliver shared economic success for ordinary Nigerians, for the country as a whole, and for international companies who believe in the potential of this incredible nation,” he said.