Nigeria and Japan set to collaborate in the mining sector as both countries align investment plans to unlock opportunities in Nigeria’s vast mineral resources.
The Ministry of Solid Minerals Development (MSMD) confirmed the development following strategic talks between Minister of Solid Minerals Development, Dr. Dele Alake, and officials of the Japan Organization for Metals and Energy Security (JOGMEC) on the sidelines of the 9th Tokyo International Conference for African Trade and Development (TICAD 9) in Yokohama.
in a statement released by Mr. Kehinde Bamigbetan, Special Adviser to the Minister, the meeting focused on attracting Japanese mining companies into Nigeria’s solid minerals sector.
President of JOGMEC, Mr. Michio Daito, acknowledged Nigeria’s rich mineral deposits but stressed the need for more clarity on economic conditions before Japanese firms commit to large-scale investments. He highlighted issues such as power supply, tax incentives, labour, free trade zones, and infrastructure as critical to reducing investment risks.
Responding, Dr. Alake assured Japanese investors that President Bola 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.
“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 disclosed that Japanese mining companies would benefit 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.
Leave a comment