The President gave the assurance on Sunday in Riyadh, Saudi Arabia, during a meeting with the President and Chief Executive Officer of Samsung, Hong Namkoong, and the Chairman of Samsung Investment Global, Jungwook Kim.

The meeting took place on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development.

”Nigeria is a very huge country with a huge and able population. We have vibrant youths ready to learn and progress. In fact, our youth do not wait for us. They go ahead of us in their determination to succeed. We must keep up and provide opportunities for them to excel. We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. It is modeled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out. 

The President took time to detail the significant opportunities across sectors for investment within the Renewed Hope Infrastructure Development Fund, which involves the potential utilization of co-finance instruments on critical infrastructure and technology, which Samsung is well known to produce.

President Tinubu also harped on the importance of deepening collaboration in the crude oil, natural gas, renewable energy, engineering, technology and agriculture sectors, emphasizing the potential for vast private sector participation in the establishment of fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to forestall post-harvest losses with mass refrigeration capacity.

”We are ready to discuss and discover one another more. We can benefit so much from collaborative efforts. You have the know-how, and we have the willingness. Seize this opportunity,’’ the president told the Samsung executives.

Samsung Chairman Kim expressed Samsung’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria. 

”We have built many power stations around the world. We are top of the class in gas-fired power plant construction. We have an ever-increasing portfolio in the production of renewable energy solutions around the world. We can make a lot of progress in Nigeria’s energy sector as well as bringing our technology to other key productive sectors.

”Transmission lines and smart grids are areas where we see increasing demand globally. You need infrastructure anywhere you go. We are good at metropolitan rail lines; we are good at bridge construction and any of these types of infrastructure projects, in addition to oil and gas engineering projects. We are looking forward to knowing Nigeria better under your leadership and seeing how we can penetrate the Nigerian market deeper. This is a great opportunity for us,” Mr. Kim concluded. 

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The news, which comes as a spotlight grows on Beijing’s attempts to revive stalling growth, sent Apple shares tumbling in after-hours trade, hammered Asian suppliers and triggered a broader selloff in global markets.

The revenue drop for the just-ended quarter underscores how an economic slowdown in China has been sharper than many expected, catching companies and leaders in Beijing off balance and forcing some to readjust their plans in the market.

“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Apple CEO Tim Cook said in a letter to investors.

Apple finds itself in a tricky position in China, a key market for sales and where it manufactures the bulk of the iconic products it sells worldwide, after the high-profile arrest in Canada of the CFO of domestic rival Huawei Technologies Co Ltd [HWT.UL].

Since the arrest last month, at the request of the United States, there have been sporadic reports of Chinese consumers shying away from Apple products. Even before then, local rivals like Huawei had been gaining market share over Apple.

Cook told CNBC that Apple products have not been targeted by the Chinese government, though some consumers may have elected not to buy an iPhone or other Apple devices due to the firm being an American brand.

“The much larger issue is the slowing of the (Chinese) economy, and then the trade tension that has further pressured it,” Cook said.

Some analysts, however, questioned the impact of Apple’s own actions, such as its unyielding pursuit of high selling prices for its products.

“Apple sales in China have not been doing well for a few quarters now, part of the reason is that their price points have gone too high – past the $1,000 mark,” said Kiranjeet Kaur, an analyst at market research firm IDC.

“(That’s) almost three times as expensive as phones from other vendors that are filling the mass market.”

China’s smartphone market has dropped sharply this year, with Apple and South Korean rival Samsung Electronics Co Ltd leading the fall, even as some domestic peers have performed more strongly.

Samsung said last month it would cease operations at one of its mobile phone manufacturing plants in China, after seeing its share of the Chinese market drop to 1 percent in the first quarter of 2018 versus 15 percent in mid-2013.

Apple on Wednesday lowered its forecast to $84 billion in revenue for its fiscal first quarter ended Dec. 29, below analysts’ estimate of $91.5 billion, according to IBES data from Refinitiv. Apple originally forecast revenue of between $89 billion and $93 billion.

This marked the first time Apple had issued a warning on its revenue guidance ahead of releasing quarterly results since the iPhone was launched in 2007.

Apple shares skidded 7.7 percent in after-hours trade, dragging the company’s market value below $700 billion. In the broader market, the S&P 500 futures fell 1.5 percent. In the U.S. government bond market, a typical safe-haven, the yield on the benchmark 10-year, which moves inversely to the bond’s price, sank to an 11-month low.

Apple’s move was not entirely a surprise. In November, the Cupertino, California-based company said it would quit disclosing unit sales data for iPhones and other hardware items, leading many analysts to worry that a drop in iPhone sales was coming. And after several component makers in November forecast weaker-than-expected sales, some market watchers called the peak for iPhones in several key markets.

In November, Cook cited slowing growth in emerging markets such as Brazil, India and Russia for lower-than-anticipated sales estimates for the company’s fiscal first quarter. But Cook specifically said he “would not put China in that category” of countries with troubled growth.

That all came before the damage to the Chinese economy from trade tensions with the United States and long-simmering structural issues became evident.

Apple is now the highest-profile multinational corporation to warn that the economic slowdown in China could hurt its business. Automakers such as Ford Motor Co, Hyundai Motor Co and Nissan Motor Co Ltd all previously said they planned to cut production in the country.

But Apple has held firm on its premium pricing strategy in China despite the risk of a slower economy.

“The question for investors will be the extent to which Apple’s aggressive pricing has exacerbated this situation and what this means for the company’s longer-term pricing power within its iPhone franchise,” James Cordwell, an analyst at Atlantic Equities, told Reuters.

In the latest fiscal year, ended Sept. 29, unit sales of the iPhone were essentially flat from the prior year, while iPhone revenue expanded 18 percent to $166.7 billion. That growth came entirely from higher prices.

Hal Eddins, chief economist at Apple shareholder Capital Investment Counsel, said Cook’s comments on the impact of the U.S. trade tensions with China “might be a dig at (U.S. President Donald) Trump, but mostly he may be using the trade turmoil as an excuse for some missteps they’ve made over the last year.”

But some investors were heartened by Apple’s plans on using its cash pile.

In his letter, Cook said Apple has $130 billion in net cash and that it intends to continue its efforts to reduce that cash balance to net zero, which the company has so far accomplished through dividend increases and share buybacks.

“We would anticipate the company increasing share buybacks on the weakness to return capital to shareholders at discount prices,” said Trip Miller, managing partner at Apple shareholder Gullane Capital Partners.

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This development followed the ongoing probe by the upper legislative chamber’s ad-hoc committee over the $16.35 billion Egina Oil Field project chaired by Senator Solomon Adeola, representing Lagos West Senatorial District.

Adeola said the resolution for the deportation of the SAMSUNG managing director was adopted by the Senate last week Thursday in line with the recommendation of the ad-hoc committee in its interim report.

He added that the illegality of the South Korean residency was uncovered on the scrutiny of his papers with other operators of the Egina Oil Field project.

He said: “Mr. Young Ho Jo, who has been working for the past two months in Nigeria as the managing director of Samsung without fulfilling legal requirements for such told us that he could not complete his documentation as a result of alleged break down of machines of the Nigeria Content Development Monitoring Board (NCMDB).

“But the NCMBD wrote to us that their machines had never broken down in the period claimed, showing that the man has contravened the Local Content law

“Going by recommendations made by this committee to the Senate and resolution adopted, SAMSUNG MD is no longer recognised on account of improper documentation as shown by papers he presented.

“To the Senate and this committee, SAMSUNG MD is an illegal immigrant who must be deported by the Nigerian Immigration Service, to which a letter to that effect has been forwarded to the Ministry of Interior.

“He can, however, come back to the country through proper documentation thereafter,” he said.

However, it was also found out that the South Korean while in Nigeria violated the Local Content Act by spending $1.6 billion out of the $3.5 billion contract SAMSUNG got from the $16.35 billion Egina Oil Field Project in Goje, South Korea.

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Consumer groups across the world have accused the two tech giants of so-called planned obsolescence, or hampering the performance of their old products, via software updates.

The AGCM watchdog said it opened two separate dossiers for “unfair commercial practice” against the tech giants, following complaints from consumers and a preliminary investigation from its own offices.

The authority’s move could potentially lead to Apple and Samsung being fined.

Apple apologised in December 2017 for deliberately slowing down some ageing iPhone models via software updates but said it did so in order to prolong battery life and not to force customers to upgrade.

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The South Korean giant is in damage-control mode as rivals like Apple Inc and LG Electronics try to steal market share from the global smartphone leader after it was forced to scrap its latest flagship device.

Samsung is boosting its marketing and promotional efforts around other Galaxy-series smartphones to cushion the blow from the demise of the premium Note 7, which it finally abandoned this week after failing to resolve overheating problems which caused some of the phones to ignite.

“Industry experience, such as the decline of Nokia and BlackBerry, shows how successful manufacturers can lose market share particularly quickly in the handset business,” Fitch ratings agency said in a report.

In the United States, Samsung began sending fireproof boxes and protective gloves to customers returning potentially explosive Note 7s, drawing humorous barbs from social media commentators.

In its home market it started to offer refunds or exchanges for other products. Customers who returned their Note 7s, priced at about $880, were offered a coupon worth 30,000 won ($26.91), while those who chose an exchange for another high-end Samsung phone were promised an additional 70,000 won mobile credit.

The incentives would compensate consumers for their “big inconvenience”, Samsung said in a statement.

Samsung’s shares had rebounded 2.4 percent by 0355 GMT in a flat broader market, following days of heavy losses.

On Wednesday the firm slashed its quarterly profit estimate by $2.3 billion to reflect the impact of the Note 7 withdrawal, giving some investors hope that the financial cost of the debacle had been largely accounted for.

“Samsung reflected most of the costs from the Note 7 in the Q3 earnings, reducing uncertainty about Q4 profit,” analyst Jay Yoo at Korea Investment & Securities said.

But many analysts say the real risk to Samsung lies in the reputational damage it suffers in a cut-throat industry, which was harder to determine than financial costs.

“Potential long-term brand damage … is a greater threat to its credit profile than the direct financial impact, which will be buffered by ample liquidity and a strong balance sheet,” Fitch said.

Customers will have plenty of choice in the weeks ahead, with South Korean mobile carriers including SK Telecom planning to take pre-orders for Apple’s iPhone 7 starting Friday. LG Electronics also recently launched its V20 smartphone.

Meanwhile South Korea’s central bank said the Note 7 failure could undermine economic growth, although it needed more time to assess the effects.

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He called on other investors in Africa to consider the strategic nature of investments made by the conglomerates and emulate them in order to enhance the value of the continent’s economy.

The President made this remarks during the opening of proceedings at the sixth African Petroleum Congress and Exhibition (CAPE VI) which was organized by the African Petroluem Producers Association (APPA) in Abuja.

President Buhari who was represented at the occasion by his Vice, Professor Yemi Osinbajo, identified some of the companies adding the most value to the Nigerian economy through their ingenious investment as GE, Dangote Group, Ladol shipyard, and Samsung, among others.

According to the president, African countries should develop ingenious ways of promoting value addition and investment through sustainable policies in local content.

“A common approach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources.”

Buhari noted that ongoing mega projects “like the General Electric Service Centre for manufacturing rotating equipment in Calabar; the Ladol industrial free zone in Lagos – wholly indigenous, privately developed and hosting the largest shipyard in West Africa; the 650,000 barrels per day (bpd) Dangote indigenous refinery in Lagos and the Samsung FPSO Integration Yard in Lagos; to mention a few.” were some of the most strategic to the struggling African economy.

According to him, the Continent must recognize that the development of domestic refining capacity in oil and gas would remain critical to her sustainable economic growth as reliance on importation would continue to stunt her growth.

The president also noted that Nigeria which recently announced a new timeline to end gas flaring at her oil fields was on course to see this out.

“The use of gas in Africa’s future energy mix has become imperative. If Africa must meet her future energy needs, the issue of the development of a robust gas infrastructure must be jointly addressed.

“In processing Africa’s hydrocarbon resource, environmental issues must be accorded huge priority. Globally, over 150 billion cubic meters of associated gas is flared annually, of this figure, Africa flares an estimated 40 billion cubic meters annually.

“In Nigeria, gas flaring amounts to about 23 billion cubic meters per annum in over 100 flare sites constituting over 13 per cent of global gas flaring,” he explained.

The president added that: “Nigeria is a member of the World Bank Global Gas Flaring Reduction (GCFR) Partnership and with the support of our legislature, we will sign the United Nations Agreement of “Zero Routine Flaring by 2030” although our national target is 2020.

“I urge all APPA member countries to set realistic targets for gas flare-out in the region.”
Buhari also tasked African oil producing countries on developing local capacities to match Africa’s desire to beneficially use her oil resources.

Also speaking on the sidelines of the meeting, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated that the conference offered African oil producers the opportunity to look deeper into their challenges and come up with realistic solutions.

Kachikwu noted that amongst the continent’s producers’ challenges in mining oil, funding operations remains the most.

He said in this regard: “It is a new dawn for Africa and we are excited about the development. We will continue to work collaboratively because there is a lot happening in the space but also a lot of challenges that we have to overcome.

“The major challenge is funding. Obviously skillsets are there already and technology is not an issue but funding remains key. Policies are also key because African governments have to develop policies that will enable backward integration into their own systems.”

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Samsung said the Galaxy Note 4 — initially scheduled for launch in October — would hit stores in South Korea and China this week before being sold in 140 nations by the end of next month.

It would be the first time a flagship Samsung product has gone on sale in China ahead of other markets, reflecting the firm’s desire to battle growing competition from cheaper Chinese-made rivals.

The decision to bring forward the launch also came after rival Apple reported a record opening weekend for its latest range of iPhones, including the iPhone 6 Plus — the US firm’s first foray into the big-screen market.

Sales topped 10 million in just three days following Friday’s launch in the United States, Britain, Australia, Canada, France, Germany, Hong Kong, Japan, Puerto Rico and Singapore.

The new iPhone is not yet available in China.

Samsung initially pioneered the market for the “phablet” devices — sized between a smartphone and a tablet computer — when it introduced its Galaxy Note series in 2011.

Along with the Galaxy S smartphones, they helped the South Korean giant dethrone Apple as the world’s top smartphone maker.

Samsung has been poking Apple in ads portraying the iPhone 6 and iPhone 6 Plus as inspired by the Note’s size.

For the past three years, the arch-rivals have been locked in a battle of litigative attrition in close to a dozen countries, with each accusing the other of infringing various patents related to their smartphones and tablets.
But neither has managed to deliver a knock-out blow with a number of rulings going different ways. Last month the companies agreed to drop all patent disputes outside the United States.

Samsung has a diverse product line ranging from memory chips to home appliances, but more than half its profits are generated by mobile devices.

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The protests seek to persuade sponsors of the event to speak out over Russia’s controversial laws on homosexuality.

The gay rights protests are expected in 19 cities around the globe.

The Olympic torch is set to arrive in Sochi, having visited 135 cities in the 122 days since leaving Moscow.

It will spend three days in and around Sochi before arriving in the Olympic stadium to light the Olympic cauldron during Friday’s opening ceremony.

Activists joining protests planned in cities including Melbourne, London, New York, Paris and St Petersburg want Olympic sponsors such as McDonald’s, Coca-Cola, Samsung and Visa to speak against Russia’s new laws on homosexuality.

Last year, Russia banned the promotion of “non-traditional” sexuality – widely seen as an attack on gay rights.

The law makes providing information on homosexuality to under-18s a crime, punishable by a fine.

Critics say its loose interpretation effectively stops gay rights protests in Russia.

Marie Campbell, a director at the equality campaign group All Out, told the BBC that the new Russian laws went against the spirit of the Olympics.

“All our members, as well as everyone else around the world, want to celebrate the Olympic values of personal strength and endurance and integrity,” she said.

“All we are saying is that we can’t just ignore the fact that this is happening in Russia where these anti-gay laws are preventing the Olympic values being lived and enjoyed by millions of people.”

Last month, President Vladimir Putin said homosexuals would be welcome in Sochi for the Olympics but added: “Just leave the children in peace.”

Russian President, Vladimir Putin and International Olympic Committee President Thomas Bach. 4 Feb 2014 President Putin has been welcoming members of the International Olympic Committee to Sochi

“We don’t have a ban on non-traditional sexual relations,” he said. “We have a ban on the propaganda of homosexuality and paedophilia.”

Meanwhile, President Putin has arrived in Sochi amid growing disquiet about whether preparations will be complete by Friday.

Hundreds of visitors arriving this week found that their hotels were unfinished.

The BBC’s Daniel Sandford in Sochi says that while the venues themselves appear complete, the areas around them still resemble building sites.

Our correspondent says that what President Putin had hoped would be a showcase event is still proving to be a headache.

Addressing journalists in Sochi on Tuesday, he insisted that the enormous construction effort to prepare the city for the games had greatly improved the environment.

However, environmentalists have accused the Russian authorities of damaging the area during construction for the games.

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Huawei, which recently claimed the third biggest global Smartphone market share, behind Samsung and Apple, said it would begin a commercial roll out of 5G by 2020.

According to the company’s newsletter, the current 4G generation of mobile networking was currently being implemented by some mobile operators, with the roll out set to continue for the rest of 2013.

It was gathered that Huawei recently piloted its own super fast 4G service in London, with speeds of up to 300Mpbs.

However, the firm claimed that it was not resting on its oars and was already set to work on the 4G successor, which was still largely in the embryonic 5G stage.

The firm explained that the multi-million dollar investment would be used to develop a number of enabling technologies for 5G.

It was also said in the publication that the speed of Huawei’s 5G would peak above 10Gps, over 100 times faster than the speeds offered by today’s 4G service providers.

The publication quotes Ren Zhengfei, the current CEO of Huawei (they rotate every six months), as saying that there were some issues that would have to be resolved before 5G could become a reality.

These, it noted included, “how to engineer a network architecture capable of handling increasingly higher data volumes and transmission speeds, necessary to accommodate more users on the network.

“We have already achieved many technological breakthroughs in 5G research and innovation, but the majority of the work remains ahead of us,” the publication said.

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