Nigeria and Japan have opened fresh discussions aimed at building a stronger partnership in the mining industry, with both countries committing to plans that will encourage Japanese companies to invest in Nigeria’s vast solid minerals sector. The talks were part of the Ninth Tokyo International Conference on African Development (TICAD) in Yokohama, Japan, where President Bola Ahmed Tinubu also concluded bilateral talks with Japanese Prime Minister Shigeru Ishiba.
Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, led the Nigerian delegation that met with officials of the Japan Organisation for Metals and Energy Security (JOGMEC). The meeting highlighted Nigeria’s determination to attract credible investors to its solid minerals industry, while Japan showed interest in exploring opportunities for collaboration.
The President of JOGMEC, Mr. Michio Daito, received Alake and his team and acknowledged Nigeria’s rich mineral resources. However, he noted that Japanese companies required more detailed information about Nigeria’s economic landscape before committing to investments. According to him, Japanese investors depend on JOGMEC to assess potential risks in foreign markets before they proceed.
Daito said, “We need more information on power generation for industries, tax incentives, labour regulations, duty waivers, free trade zones, and entry and exit conditions. These are very important factors that Japanese firms consider when deciding where to invest.” He stressed that JOGMEC would play a guiding role for Japanese mining firms that wish to explore opportunities in Nigeria.
In his response, Dr. Alake explained that the Nigerian government under President Tinubu had already introduced key economic reforms to make the country more attractive to investors. He pointed to the removal of fuel subsidies and the unification of exchange rates as reforms that have helped ease the investment process and strengthened Nigeria’s position as a reliable investment destination in Africa.
Alake also emphasised that Nigeria can play a major role in Japan’s mineral supply chain, particularly in processed minerals. He urged JOGMEC and Japanese investors to look beyond raw exports and instead commit to local extraction and processing in Nigeria. According to him, this aligns with President Tinubu’s policy of adding value locally before exporting minerals abroad.
Highlighting Nigeria’s advantages, the minister said, “The Nigerian workforce is one of the best in the world because of high literacy and education levels. Our government is also investing heavily in infrastructure projects such as railways, roads, and water transport to support industries and ease movement of goods.”
He assured the Japanese investors that producing and processing minerals in Nigeria would be cheaper and more profitable because of lower production costs and government incentives. These incentives, he explained, include tax holidays and waivers on import duties for mining machinery.
During the meeting, Alake also introduced the Nigeria Solid Minerals Company (NSMC), which was represented by its Chief Executive Officer, Mr. Martins Imonitie. The company was established to take equity stakes in mining projects and to create a credible platform for partnerships between Nigeria and foreign investors. Both parties agreed to strengthen the exchange of technical information and to set up frameworks for direct engagement between JOGMEC and the NSMC. This, they noted, would lay the foundation for a long-term strategic partnership in the mining sector.
In addition to the talks with JOGMEC, Alake held meetings with top Japanese trading giants such as Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company. These firms expressed interest in Nigeria’s solid minerals industry but stressed that their level of involvement would depend on JOGMEC’s assessments and support.
The development marks a significant step in Nigeria’s effort to diversify its economy through mining and reduce dependence on crude oil revenues. The Nigerian government has repeatedly stated its ambition to transform the mining industry into a key driver of economic growth, job creation, and industrialisation. With Japan looking to secure steady supplies of critical minerals for its industries, the collaboration could provide a win-win opportunity for both countries.
The TICAD summit provided the platform for these high-level discussions, as leaders from across Africa and Asia met to explore new opportunities for trade and investment. For Nigeria, the outcome of the talks with Japan is expected to boost confidence in the mining sector and attract global attention to its untapped mineral wealth.
