Nigeria and Japan strengthened their mining sector ties last week at the ninth annual Tokyo International Conference on African Development (TICAD). Japanese officials are seeking reliable sources of critical minerals and Nigeria has alot of them.
Local investors in the Yokohama prefecture made their bullish outlook about the nation’s multi-billion-dollar metals and minerals industry known, but also highlighted their wariness about its risks and the dangerous nature of African mining more broadly.
“We need more information on power generation for industries, tax incentives, labour, duty waivers, free trade zones, and entry and exit conditions,” said Michio Daito, President of Japan’s Organisation for Metals and Energy Security.
In response, Nigerian Minister of Solid Minerals, Dele Alake, offered his assurance about the current environment and its recent improvements.
He highlighted that economic reforms made under the Nigeria’s current president, such as removing fuel subsidies and unifying exchange rates, have helped create a more investment-worthy environment than in previous years.
He also explained that Nigeria has shifted away from only exporting raw materials and established valuable domestic processing infrastructure. Additionally, significantly improved road and railways.
“In just the last two years, this approach has attracted about US$800 million in investments for mining factories,” Alake explained in an X post.
“Three major plants are already in place and getting ready for inauguration,” he added. “This is a big step toward creating jobs, boosting government revenue, and building real capacity within the country.”
Moreover, Alake assured Japanese officials from the country’s Organisation for Metals and Energy Security that they would reap the benefits of exemption from taxes on importing machinery.
At the conclusion of the talks, Japan’s metals and energy organization agreed to continue to build a working partnership with Nigeria’s Solid Minerals Company.
The progressive discussions between Nigerian officials and Japan’s leading mining organization were followed by a meeting between President Bola Tinubu and Japanese Prime Minister Shigeru Ishiba.
Alake also met with major Japanese companies Mitsubishi Corp (OTCMKTS: MSBHF), Mitsui & Co Ltd (OTCMKTS: MITSY) and Sumitomo Corp – ADR (OTCMKTS: SSUMY) to chat about mining possibilities.
Daito (left) and Alake (right) at TICAD 2025. Photo credit: X
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