*Dr. Oladele Alake, Nigeria’s Minister for Solid Minerals Development, discloses the Federal Government and the Japan Organisation for Metals and Energy Security have agreed to encourage Japanese mining companies to invest in the mining sector of the Nigerian economy

Gbenga Kayode | 绿帽献妻

The Federal Government of Nigeria and the Japan Organisation for Metals and Energy Security (JOGMEC) have pledged to work out plans to encourage Japanese mining companies to invest in the former’s mining sector.

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development (MSMD), stated this Thursday, August 21, 2025, in Yokohama, venue of the 9th Tokyo International Conference for African Trade and Development.

President Bola Ahmed Tinubu at TICAD9 also concluded talks with his Japanese counterpart, Shigeru Ishiba.

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The Nigerian Government described the milestone as a key takeaway from deliberations between the two countries.

Mr. Michio Daito, President of JOGMEC, in welcoming Minister Alake and his team to the talks, observed that Nigeria鈥檚 rich mineral resources are well-known but Japanese mining companies need more information on the overall Nigerian economy to calculate investment risks.

Mr. Kehinde Bamigbetan, Special Adviser to the Minister for MSMD Sunday, August 24, stated

Daito also raised issues on power generation for industries, tax incentives, labour, duty waivers, free trade zones, and entry and exit conditions.

Noting that Japanese mining firms rely on JOGMEC to make investment decisions in foreign countries, the President requested more information on the state of infrastructure that supports mining.

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Responding, Dr. Alake further highlighted the reforms of President Bola Ahmed Tinubu鈥檚 administration has introduced, including the removal of petroleum subsidy and stable Foreign Exchange (Forex) rate which have eased off investments and positioned the solid minerals sector.

Alake as well acknowledged the industrial character of the Japanese economy and the role of electric technologies.

He said Nigeria would be critical to Japan鈥檚 needs for processed minerals to drive its economy.

The Minister, therefore, encouraged JOGMEC to invest in the extraction and processing of its mineral needs in Nigeria before exports to Japan in line with the administration鈥檚 policy on local value addition.

As regards other economic variables, Dr. Alake rated the Nigerian workforce as one of the best in the world because of high literacy and educational levels.

He also assured the Japanese investors that the Tinubu administration has embarked on critical infrastructure projects in rail, road, and water transportation to support industries.

The statement noted: 鈥淚n 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.鈥�

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On electricity, Dr. Alake said the laws had been amended to enable industries to manage their needs and electricity shall be dedicated to industrial sectors.

The Minister assured JOGMEC that Japanese companies would have access to waivers of import duty on mining machinery and enjoy tax holidays.

The meeting with JOGMEC was the precursor of earlier meetings held with major Japanese trading houses, including Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company by the Minister, Bamigbetan stated.

The Minister鈥檚 engagement in productive dialogue elicited the interest of these companies in looking at Nigeria as a serious mining destination as they expand their footprint in Africa.

The government said the companies as well expressed their readiness to move forward, pending approval and support from JOGMEC.

The statement also indicated the strategic development prompted the direct engagement with JOGMEC to move the needle and ensure concrete action and results.

For additional comfort and a solid framework for partnership, the Minister introduced the Nigeria Solid Minerals Company (NSMC), represented by its Mr. Martins Imonitie, the company’s Chief Executive Officer (CEO).

绿帽献妻 reports the NSMC was designed to take an equity stake in the projects of mining companies in the country.

The meeting concluded with a mutual understanding of the immense potential for a long-term strategic partnership between Nigeria and JOGMEC. Both parties agreed to prioritize the exchange of technical information and to explore opportunities for direct engagement between JOGMEC and the NSMC.

Earlier, Dr. Alake had addressed a bilateral conference organised by the Nigerian Embassy between Japanese investors and Ministers.

The statement added with the Ministers and Directors-General of Federal agencies in attendance, Dr. Alake highlighted the readiness of the Nigerian economy and, in particular, the solid minerals sector for investments in the sector.

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