Nigeria and Japan Seek to Strengthen Economic Ties Through Business Facilitation Council

By November 8, 2023 NIPC News

ABUJA, Nigeria – November 6 2023 – In a move to enhance economic cooperation and investment opportunities between Nigeria and Japan, the Nigerian Investment Promotion Commission (NIPC) recently hosted H.E. Ambassador, Japan to Nigeria, Mr. Matsunaga Kazuyoshi, for a strategic discussion. The meeting also focused on the upcoming Nigeria-Japan Business Facilitation Council, which aims to promote and strengthen business relations between the two countries.

During the meeting, Ambassador Kazuyoshi expressed Japan’s interest in investing in Nigeria, highlighting the country’s vast economic potential. He emphasised Japan’s commitment to bridging the technology gap in Nigeria and exploring investment opportunities in various sectors, including healthcare, power, automobile, LNG, and agriculture, with a particular focus on Nigeria’s sesame seed industry.

“Nigeria is a country with great potential,” Ambassador Kazuyoshi remarked, noting Japan’s admiration for Nigeria’s economic prospects. “Japanese companies are eager to utilise technology to address challenges in Nigeria. We are interested in investing in this country, given its large and growing population, strong economy, and abundant natural resources.”

The Ambassador further commended Nigeria’s efforts to stabilise its economy and improve the foreign exchange regime, acknowledging the positive impact of these measures on the country’s attractiveness as an investment destination. “We are pleased with Nigeria’s efforts to stabilize its economy and improve the forex exchange regime,” he stated. “This, coupled with the existing political stability, enhances the attractiveness of Nigeria as an investment destination.”

The meeting also highlighted the growing economic ties between Nigeria and Japan, with 51 Japanese companies currently operating in Nigeria and an increasing number of Nigerian companies operating in Japan. Ambassador Kazuyoshi cited this growing presence as a testament to the strengthening of bilateral business relations between the two countries.

“Japanese companies have a long-term vision for Nigeria,” Ambassador Kazuyoshi stated, reiterating Japan’s commitment to fostering bilateral business relations. “We are committed to working closely with Nigeria to enhance economic cooperation and explore new investment opportunities.”

Both parties discussed the upcoming Nigeria-Japan Business Facilitation Council meeting, which was established to promote and strengthen business relationships between the two countries. 

About the Japan-Nigeria Business Facilitation Council

The Japan-Nigeria Business Facilitation Council was established in 2019 to promote and strengthen business relations between the two countries. The Council aims to create a transparent platform for resolving Japanese business-related challenges, foster effective public-private collaboration, and drive practical policy reforms. The Council also serves to protect existing and prospective Japanese private companies and encourage their commercial activities in Nigeria. H.E. The Ambassador, Japan to Nigeria and ES/CEO, NIPC are co-chairs of the Council.