Nigeria and Japan are moving to strengthen cooperation in the solid minerals sector, with plans to align investment strategies aimed at unlocking Nigeria’s vast mineral resources.
The initiative follows high-level discussions between Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, and officials of the Japan Organisation for Metals and Energy Security (JOGMEC) on the sidelines of the 9th Tokyo International Conference on African Development (TICAD 9) in Yokohama.
In a statement released by the Minister’s Special Adviser, Kehinde Bamigbetan, on Sunday in Abuja, the meeting focused on attracting Japanese mining firms to participate in Nigeria’s mineral exploration and development projects.
JOGMEC President, Mr. Michio Daito, acknowledged Nigeria’s significant mineral potential but emphasised the need for clear policies and improved infrastructure to reduce investment risks.
He highlighted key factors such as reliable power supply, tax incentives, labour policies, free trade zones, and transport networks as essential to investor confidence.
Daito also requested detailed information on Nigeria’s mining support infrastructure, noting that Japanese companies rely heavily on JOGMEC’s assessments when making foreign investment decisions.
Responding, Alake assured Japanese investors that President Bola Ahmed Tinubu’s reforms, including subsidy removal, a stabilised exchange rate, and major rail, road, and waterway projects, have created a more enabling environment for businesses.
“In terms of economies of scale, producing and processing the critical minerals you need in Nigeria is cheaper and more profitable as the costs of production are lower,” Alake said, adding that recent electricity sector reforms would allow industries to generate and manage their own power supply.
The Minister also assured Japanese mining companies of benefiting from tax holidays and duty waivers on equipment while urging them to invest in local processing of minerals before export in line with Nigeria’s value-addition policy.
The talks also featured the Nigeria Solid Minerals Company (NSMC), represented by its CEO, Martins Imonitie. The NSMC, designed to take equity stakes in mining projects, is expected to serve as a trusted partner to strengthen investor confidence.
Earlier engagements with Japanese trading giants Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company had signaled growing interest in Nigeria’s mining industry, with final commitments expected after JOGMEC’s approval.
The meeting concluded with both parties agreeing to strengthen technical exchanges and foster direct collaboration between JOGMEC and NSMC to accelerate concrete investment outcomes.
