Nigeria, Japan Forge Partnership to Boost Mining Investments and Mineral Processing
Nigeria and Japan have agreed to deepen cooperation in the mining sector as both nations seek to unlock investment opportunities in Nigeria’s vast mineral reserves. The Ministry of Solid Minerals Development (MSMD) confirmed the partnership after strategic talks between Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, and the Japan Organization for Metals and Energy Security (JOGMEC) during the 9th Tokyo International Conference on African Development (TICAD 9) in Yokohama.
According to a statement by Mr. Kehinde Bamigbetan, Special Adviser to the Minister, the meeting focused on attracting Japanese mining companies to Nigeria’s solid minerals sector. JOGMEC President, Mr. Michio Daito, acknowledged Nigeria’s rich mineral resources but emphasized the need for clearer economic conditions before Japanese firms commit to large-scale investments. He cited infrastructure, power supply, tax incentives, and labor conditions as critical factors in reducing investment risks.
In response, Dr. Alake assured investors that President Bola Tinubu’s economic reforms have created a more enabling business environment. He highlighted subsidy removal, exchange rate stabilization, and major infrastructure projects in rail, road, and waterways as key drivers of Nigeria’s attractiveness. Alake further noted that producing and processing critical minerals in Nigeria is cost-effective, adding that recent electricity reforms allow industries to generate and manage their power supply independently.
The Minister disclosed that Japanese companies would enjoy tax holidays, duty waivers on equipment, and other incentives to encourage investment in local mineral processing. This policy aligns with Nigeria’s commitment to value addition before export. The Nigeria Solid Minerals Company (NSMC), represented by CEO Martins Imonitie, was also introduced as a trusted partner for equity stakes in mining projects to strengthen investor confidence.
Earlier engagements with Japanese corporations such as Mitsubishi, Sumitomo, and Mitsui signaled growing interest in Nigeria’s mining industry. Both parties agreed to strengthen technical exchanges and foster direct collaboration between JOGMEC and NSMC to accelerate concrete investment outcomes. Final investment commitments are expected after JOGMEC’s internal approvals.
Source: The sun