The commitment was sealed during discussions at the Ninth Tokyo International Conference on African Development (TICAD9) in Yokohama, Japan, where President Bola Tinubu met with Japanese Prime Minister Shigeru Ishiba.
In a statement on Sunday, Minister of Solid Minerals Development, Dr. Dele Alake, confirmed that the Nigerian government and the Japan Organisation for Metals and Energy Security (JOGMEC) will work closely to encourage Japanese mining firms to establish investments in Nigeria.
JOGMEC President, Michio Daito, who received Alake and his team, acknowledged Nigeria’s rich mineral endowment but emphasized the need for detailed economic data to help Japanese companies assess risks.
“We need more information on power supply, tax incentives, labor conditions, duty waivers, free trade zones, and entry and exit policies,” Daito said, noting that Japanese firms rely on JOGMEC for guidance on overseas ventures.
In response, Alake highlighted President Tinubu’s recent economic reforms—such as the removal of fuel subsidies and exchange rate unification—stating that they have improved Nigeria’s investment climate. He urged JOGMEC to consider processing critical minerals in Nigeria before export to Japan, aligning with the administration’s push for local value addition.
“The Nigerian workforce is one of the best in the world due to its high literacy levels,” Alake said, stressing that the government is investing in infrastructure—rail, road, and water transportation—to support industries. He assured potential investors of favorable conditions, including duty waivers on mining equipment and tax holidays.
Alake also introduced the Nigeria Solid Minerals Company (NSMC), led by its CEO Martins Imonitie, as a strategic partner that would take equity stakes in mining projects to ensure credibility and transparency.
Both parties agreed to enhance technical cooperation and establish direct engagement between JOGMEC and the NSMC, paving the way for a long-term strategic partnership.
Earlier, Alake met with top Japanese trading giants, including Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company, who expressed interest in investing in Nigeria’s mining sector, subject to JOGMEC’s endorsement.
