Samsung Drops Plans to Set Up Manufacturing Plant in Nigeria

Samsung Group, South Korean multinational is scaling down it operations in Nigeria, no thanks to the dwindling economic fortunes of the country, Nigeria CommunicationsWeek has learnt.

Though the federal government claimed it was on top of the situation, companies are closing shops in large numbers.

Nigeria CommunicationsWeek investigations revealed that Samsung’s plan to expand heavily into Nigeria with a manufacturing plant has been truncated by the economy.

Samsung has also started reducing their investments in Nigeria by shutting down the Business to Business (B2B) Unit. The Corporate Social Responsibility (CSR) Unit has also been shut down.

The resultant effect is that over 100 Nigerians have lost their jobs in the company.

Association of Telecommunications Companies of Nigeria (ATCON) has repeatedly said that Nigeria’s poor economic situation has had a negative impact on Foreign Direct Investment in Information and Communication Technology,

Olusola Teniola, president, ATCON, called on the federal government to realize that “ICT is a sector that is critical to the diversification of the economy.

ICT recorded almost 9.9 per cent to gross domestic product (GDP) in 2016 despite all the headwinds and against a slow-down in the overall economy