Nigeria and Japan have intensified efforts to deepen collaboration in the mining sector, as officials from both countries explored strategic investment opportunities at the Ninth Tokyo International Conference on African Development (TICAD9) in Yokohama.
Minister of Solid Minerals Development, Dr. Dele Alake, led the Nigerian delegation, engaging with the Japan Organisation for Metals and Energy Security (JOGMEC) and key Japanese trading houses to chart pathways for Japanese firms to invest in Nigeria’s solid minerals industry.
During discussions, JOGMEC President Michio Daito emphasized the necessity for comprehensive economic and sectoral information to guide Japanese investors.
He highlighted areas such as power infrastructure, tax incentives, labor regulations, duty waivers, and free trade zones as essential for evaluating investment risks.
“Japanese mining companies rely on JOGMEC to navigate foreign investment decisions, and clear data on Nigeria’s operational landscape is crucial,” Daito noted.
Responding, Alake underscored the positive reforms under President Bola Tinubu’s administration, particularly the removal of fuel subsidies and exchange rate unification.
“These measures have improved the investment climate and positioned the solid minerals sector for growth,” he said, highlighting Nigeria’s role as a critical supplier in Japan’s mineral supply chain.
The Minister also stressed the importance of local value addition.
“We encourage Japanese investors to engage in both extraction and processing of minerals within Nigeria before export. This aligns with the administration’s policy on industrialisation and local economic growth,” Alake said.
Nigeria’s competitive edge was further highlighted, with Alake noting the country’s skilled workforce, expanding infrastructure, and cost-effective production capabilities.
He assured investors of favorable conditions, including tax holidays and duty waivers on mining equipment.
“Producing and processing critical minerals in Nigeria offers significant economies of scale, making operations both profitable and sustainable,” he added.
The meeting also introduced the newly established Nigeria Solid Minerals Company (NSMC), represented by CEO Martins Imonitie.
The NSMC is designed to take equity stakes in strategic mining projects and facilitate transparent, credible partnerships with foreign investors.
Both parties agreed to prioritize technical knowledge exchange and direct engagement between JOGMEC and the NSMC, creating a framework for long-term collaboration.
In parallel sessions, Alake met with major Japanese conglomerates, including Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company, which expressed keen interest in exploring mining investments in Nigeria, contingent on JOGMEC’s support and advisory.
The TICAD9 engagement is expected to accelerate Japanese participation in Nigeria’s mining sector, potentially boosting foreign direct investment, creating employment opportunities, and driving sustainable industrial development across the country.
Dr. Alake concluded, “Nigeria’s mineral resources are abundant and underutilized.
With the right investments and partnerships, we can transform the sector into a powerhouse for economic growth, job creation, and technological transfer.
Our discussions at TICAD9 lay the foundation for a new era of bilateral cooperation in mining.”
The engagement reflects Nigeria’s broader strategic goal to diversify its economy, attract foreign investment, and implement policies that encourage industrial growth while ensuring local capacity building.