Nigeria and Japan have agreed to deepen cooperation in the solid minerals sector through the exchange of technical information and direct engagement between their companies.

These are the Japan Organisation for Metals and Energy Security (JOGMEC) and the Nigeria Solid Minerals Company (NSMC).

The Minister of Solid Minerals Development, Dr Dele Alake, announced this in a statement by his Special Adviser, Kehinde Bamigbetan on Sunday in Abuja.

Bamigbetan said that the milestone was achieved through deliberations between the solid minerals minister and the officials of JOGMEC led by its president Michio Daito, on the sidelines at 9th Tokyo International Conference for African Trade and Development, TICAD in Yokohama.

He said both parties pledged to develop plans that would encourage Japanese companies to invest in Nigeria’s mining sector by providing them with economic data to assess investment risks.

He added that the meeting underscored the potential for a long-term strategic partnership.

Alake stated that the reforms under President Bola Tinubu’s administration, including fuel subsidy removal and a stable exchange rate, had improved the investment climate in the sector.

He urged JOGMEC to invest in mineral extraction and processing in Nigeria before export, in line with government policy on local value addition.

“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,” he said.

The minister also assured that Japanese firms would benefit from duty waivers on mining machinery, tax holidays, and improved infrastructure projects in rail, road, and water transportation.

The JOGMEC meeting followed earlier talks Alake held with Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company, which he said showed growing interest in Nigeria as a mining destination.