By Jemimah Wellington, JKNewsMedia Correspondent
COMMITMENTS TO deepen collaboration in solid minerals formed the focus of deliberations between Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, and officials of the Japan Organization for Metals and Energy Security (JOGMEC) in Yokohama, Japan.
The discussions, which took place on the sidelines of the 9th Tokyo International Conference for African Development (TICAD), centred on creating opportunities for Japanese mining companies to invest in Nigeria’s mineral sector.
Welcoming the minister and his team, JOGMEC’s president, Mr. Michio Daito, acknowledged Nigeria’s extensive mineral wealth but stressed the need for Japanese firms to better understand the broader Nigerian economy before committing to investment.
He identified power generation for industries, tax incentives, labour policies, duty waivers, free trade zones, and entry and exit conditions as key factors Japanese companies would evaluate.
He further noted that Japanese firms rely on JOGMEC’s assessments when making investment decisions abroad and requested specific information on infrastructure available to support mining operations in Nigeria.
Responding, Dr. Alake outlined reforms introduced by President Bola Tinubu’s administration, including the removal of petroleum subsidy and the stabilisation of the exchange rate.
He said these measures have created a more conducive environment for investment, positioning Nigeria’s solid minerals sector for global competitiveness.
He emphasised that Japan’s industrial economy, particularly in electric technologies, requires processed minerals that Nigeria is well placed to provide.
The minister urged JOGMEC to consider investments not only in mineral extraction but also in processing, in line with Nigeria’s policy of ensuring local value addition before export.
He also assured Japanese stakeholders of Nigeria’s strong human capital base, describing the workforce as highly literate and well educated.
According to him, government-led infrastructure upgrades in rail, road, and water transport are underway to enhance industrial efficiency.
“In 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,” Alake stated.
On electricity, he explained that recent legal amendments now permit industries to generate and manage power for their operations, with dedicated supply planned for industrial use.
He confirmed that Japanese companies would also benefit from import duty waivers on mining machinery and tax holidays.
The talks with JOGMEC followed earlier meetings between the minister and major Japanese trading houses, including Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company.
These companies, according to the Ministry, indicated interest in exploring Nigeria as a mining destination, subject to the endorsement and support of JOGMEC.
This prompted direct engagement with the organisation to secure a clear framework for cooperation.
To provide structure for future partnerships, Dr. Alake introduced the Nigeria Solid Minerals Company (NSMC), represented at the meeting by its Chief Executive Officer, Mr. Martins Imonitie.
He explained that the NSMC is mandated to take equity stakes in mining projects as a measure to strengthen investor confidence and ensure shared benefits.
The meeting concluded with a mutual understanding of the potential for a long-term partnership between Nigeria and JOGMEC.
Both parties agreed to prioritise the exchange of technical information and to establish channels for direct collaboration between JOGMEC and the NSMC.
Earlier, the minister addressed a bilateral conference convened by the Nigerian Embassy in Tokyo, which brought together Japanese investors and members of Nigeria’s cabinet.
He reiterated the readiness of the Nigerian economy, and particularly the solid minerals sector, to welcome international investors.
