Peter Uzoho
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 held
recently 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.
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