Samsung which is a South Korean multinational conglomerate headquartered in Samsung Town, Seoul.
The big tech giant made quite some revelations which focuses on the Nigeria market and its resources, it also compared Nigeria to South Africa saying the Nigerian market is smaller than South Africa where it hold about 80% of market share despite Nigeria population of over 180 million.
Samsung CEO for Africa, Sung Yoon, who made all these revelations also stated the extremely poor resources in Nigeria, where 400 components which are required to set a manufacturing plant in Nigeria are non-available, he said.
Other important factors to be considered are infrastructure, return on investment (ROI) and the grey market, all these are not convenient in the country, Building a production plant depends on the ROI and efficiency of the economy, and building a manufacturing plant irrespective of all this will be malevolently for the company in the resultant effect.
This and several other reasons are responsible for the decision of the company to shelf its plans to set up a manufacturing plant in Nigeria. Nigeria’s population of 180 million is a power for the future, a reason why Samsung is trying hard to be part of corporate citizenship.
According to Yoon, every year, Samsung spends about $16 billion globally on research and development (R&D), sells over 700 mobile phones every minute and over 41,000 every hour worldwide
Samsung’s African vision was to be the most admired brand, through partnership and profitable growth.
Samsung currently has manufacturing plants in different part of the world which includes Vietnam, China, South Africa and Korea. Therefore, having one in Nigeria will be probably in the future when things are much more moderate and stable in the Country.