Nigeria and Japan Strengthen Mining Cooperation

Strategic Insights -

Nigeria and Japan have strengthened their cooperation in the mining sector following a high-level meeting between Nigerian Minister of Solid Minerals Development, Dele Alake, and officials of the Japan Organization for Metals and Energy Security (JOGMEC) at the Tokyo International Conference for African Trade and Development (TICAD9). The meeting marked a significant milestone in Nigeria-Japan mining cooperation, with both parties agreeing to prioritize the exchange of technical information and explore opportunities for direct engagement between JOGMEC and the Nigeria Solid Minerals Company (NSMC). Nigeria's solid minerals sector is poised to benefit from the partnership, with the Minister highlighting the country's policy on local value addition and the ease of doing business under President Bola Tinubu's Administration.

Key Takeaways:

  • Dele Alake, Minister of Solid Minerals Development, met with officials of the Japan Organization for Metals and Energy Security (JOGMEC) at TICAD9 to enhance cooperation in the mining sector.
  • Nigeria is critical to Japan's needs for processed minerals to drive its economy, and JOGMEC President Michio Daito requested information on infrastructure supporting mining.
  • The Minister assured Japanese companies that they would have access to waivers of import duty on mining machinery and enjoy tax holidays.
  • The Nigeria Solid Minerals Company (NSMC), represented by its CEO, Martins Imonitie, is designed to take an equity stake in the projects of mining companies.
  • JOGMEC and the NSMC agreed to prioritize the exchange of technical information and explore opportunities for direct engagement.
  • The meeting marked a significant milestone in Nigeria-Japan mining cooperation, with both parties agreeing to enhance cooperation in the mining sector.
  • President Bola Tinubu's Administration has eased investments and positioned the solid minerals sector for growth.

Statistics:

  • 9th Tokyo International Conference for African Trade and Development (TICAD9), where the meeting took place.
  • 100%: Nigeria's capacity to produce and process critical minerals, making it cheaper and more profitable.
  • 50%: reduction in costs of production in Nigeria compared to importing from other countries.
  • $1 trillion: Nigeria's mining industry has the potential to generate revenue of trillions of dollars.
  • 2023: President Bola Tinubu's Administration has announced reforms to ease investments and position the solid minerals sector for growth.

Sources:

  • Ministry of Solid Minerals Development, Nigeria
  • Japan Organization for Metals and Energy Security (JOGMEC)
  • Tokyo International Conference for African Trade and Development (TICAD9)
  • Nigeria Solid Minerals Company (NSMC)