Nigeria and Japan have moved closer to forging stronger cooperation in the mining sector as both countries explored fresh investment opportunities during the 9th Tokyo International Conference for African Trade and Development (TICAD9) in Yokohama, Japan.
The Minister of Solid Minerals Development, Dr. Dele Alake, held talks with officials of the Japan Organization for Metals and Energy Security (JOGMEC) where both sides pledged to draw up plans to encourage Japanese mining companies to invest in Nigeria.
JOGMEC President, Mr. Michio Daito, said Japanese companies were aware of Nigeria’s vast mineral deposits but required more clarity on investment conditions, including infrastructure, power supply, tax incentives, duty waivers, and labour dynamics. He stressed that Japanese firms depended on JOGMEC’s assessments to determine viable foreign ventures.
Responding, Dr. Alake highlighted reforms under President Bola Tinubu’s administration such as subsidy removal, a stable exchange rate, and new legal frameworks that ease industrial operations. He also stressed that Nigeria’s solid minerals sector is now better positioned for foreign investors.
“Nigeria is critical to Japan’s industrial needs, particularly in processed minerals for electric technologies,” Alake said. “Producing and processing these minerals in Nigeria is cheaper and more profitable because of lower costs of production.”
He assured the Japanese delegation of government support in terms of import duty waivers on mining machinery, tax holidays, and reliable infrastructure, while noting that recent legal amendments allow industries to generate their own electricity.
To strengthen investor confidence, Dr. Alake introduced the Nigeria Solid Minerals Company (NSMC), led by CEO Mr. Martins Imonitie, which is set to take equity stakes in mining projects as a strategic partner.
The meeting with JOGMEC followed earlier engagements with leading Japanese trading houses, including Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company, who expressed interest in exploring opportunities in Nigeria pending JOGMEC’s approval.
Both sides ended the talks with a commitment to exchange technical information and deepen direct engagement between JOGMEC and the NSMC to lay the foundation for a long-term partnership.
Earlier, the minister also addressed a bilateral conference organised by the Nigerian Embassy in Japan, where he reiterated that Nigeria’s solid minerals sector was ready for global investors.