Minister of Solid Minerals Development, Dr Dele Alake, and officials of the Japan Organisation for Metals and Energy Security (JOGMEC) have pledged to work out plans to encourage Japanese mining companies to invest in Nigeria’s mining sector.

The milestone is a key takeaway from deliberations between both parties last Thursday in Yokohama, venue of the Ninth Tokyo International Conference for African Trade and Development, TICAD, even as President Bola Tinubu concluded talks with his Japanese counterpart, Shigeru Ishiba.

Welcoming the minister and his team to the talks, JOGMEC’s President, Mr Michio Daito, observed that Nigeria’s rich mineral resources were well known, but Japanese mining companies need more information on the overall Nigerian economy to calculate investment risks.

He 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, Daito requested information on the state of infrastructure that supports mining.

Responding, Alake highlighted the reforms of President Bola Tinubu’s administration, such as the removal of petroleum subsidy and a stable exchange rate, which have eased investments and positioned the solid minerals sector.

Acknowledging the industrial character of the Japanese economy and the role of electric technologies, Alake said Nigeria would be critical to Japan’s needs for processed minerals to drive its economy.

He encouraged JOGMEC to invest in the extraction and processing of its mineral needs in Nigeria before exports to Japan in line with the administration’s policy on local value addition.

Addressing other economic variables, Alake rated the Nigerian workforce as one of the best in the world because of high literacy and educational levels. He assured the investors that Tinubu’s administration had embarked on critical infrastructure projects in rail, road, and water transportation to support industries.

On electricity, Alake said laws had been amended to enable industries to manage their needs, and electricity would 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.

The companies expressed their readiness to move forward, pending approval and support from JOGMEC. This strategic development prompted direct engagement with JOGMEC to ensure concrete action and results.