Japan to boost cooperation with Nigeria with planned $30 billion investment

The Japanese Government has expressed its desire to boost cooperation with Nigeria, adding that it would invest $30 billion in Nigeria and other African countries over the next 3 years. 

This was disclosed by the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi at an event organised by the Japanese embassy in Abuja to commemorate the 63rd birthday of the Emperor of Japan, Hironomiya Naruhito.  

He added that Japan plans to increase Japanese investments in Nigeria and strengthen cooperation to improve Nigeria’s business environment and solve business challenges between our two countries. 

$30 billion investment: The Japanese Ambassador said that Nigeria will have a new President. He expects that the friendship and cooperative relationship between Japan and Nigeria will further deepen under Nigeria’s new leadership, he added: 

  • “Taking this opportunity, I would like to take you through some of our achievements of the past year. 
  • “Last August, the Japanese government, along with African and international partners co-hosted the 8th Tokyo International Conference on African Development (TICAD 8). 
  • “Japan aspires to be a partner growing together with Africa, focusing on people as individuals, and more specifically, `investing in people’ and `quality growth’. 
  • “Japan will promote its initiatives with approaches quintessentially Japanese. 
  • “Over the next three years, Japan is going to invest 30 billion dollars from public and private financial contributions in Africa, including Nigeria.”

Economic cooperation: He added that in economic cooperation, both countries just held the 2nd Japan Nigeria Business Facilitation Council just before TICAD 8, adding: 

  • “ I and my co-chair, Ms Saratu Umar, CEO of the Nigerian Investment Promotion Commission (NIPC) agreed to strengthen our cooperation to improve Nigeria’s business environment and to solve business challenges between our two countries. 
  • “The aim is to increase Japanese investments in Nigeria. 
  • “One of our achievements was the participation of 20 companies from Japan at the Lagos International Trade Fair in November last year. 
  • “This year is the year of the Rabbit. I hope that Japan and Nigeria, and everyone here will, during this year, hop, stomp, and jump like a rabbit towards significant achievements,”  

Mr Clem Agba, Minister of State, Budget and National Planning said the trade balance between both countries is very robust with Japanese cars everywhere in Nigeria and with us purchasing Nigeria’s crude oil.  

  • “Additionally, Japan and Nigeria have looked forward to developing further trade ties by creating organisations such as the Japan-Nigeria Business Facilitation Council, which is aimed at increasing the volume of trade between our two countries.  
  • “Since ascending the throne in 2019, the Emperor of Japan has led Japan with wisdom, grace, and compassion, exemplifying the very best of the Japanese spirit. 
  • “Through our shared commitment to peace, prosperity, and progress, we can continue to strengthen the bond between Japan and Nigeria and create a brighter and more fruitful future.  

He added Nigeria is in the middle of political succession while witnessing some changes and assured Japan that the ties between Nigeria and Japan will not change.  

What you should know: Nairametrics reported last year that the annual bilateral trade volume between Nigeria and Japan stands at one billion dollars. 

This was disclosed by the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, at the 2nd Japan-Nigeria business facilitation council meeting. 

Nigeria’s agriculture exports to Japan have found a stable niche market as its sesame seeds exports now account for 40% of sesame seeds consumed in Japan.