Nigeria Investment Promotion Council NIPC, has said that Japanese companies operating in Nigeria have risen from 32 in 2019 to 43 at the moment. The NIPC, has thus ranked Japan in No 5 among top foreign investors in Nigeria. The Nigerian Embassy in Tokyo has also confirmed the development. The Chargé d’Affaires, of the Embassy of Nigeria in Tokyo Japan, Dr Tope Adeleye Elias-Fatile said this in a statement to commemorate the 60th anniversary of Nigeria.
According to him “Despite current challenges, we still have good news and reasons to celebrate. After the successes of the events in 2019, we were recording steady improvements in trade and economic relations between both countries prior to the outbreak of Covid-19. The indicators include the increase in the number of Japanese companies in Nigeria from 32 in 2017 to 43 today.’ The companies are engaged in different sectors of the economy, including power generation, transmission and distribution, agriculture, machinery, automobile, manufacturing, engineering, electronics, infrastructure, food and seasoning, healthcare among others.
According to Elias-Fatile, “The Nigerian Investment Promotion Commission (NIPC) acknowledges that Japan is now the fifth foreign investor in Nigeria. Japan is among the top 10 investors in services in Nigeria, among the top 10 investors in solid minerals, the No 5 investor in oil refining and 5th investor in real estate. Similarly, Japan is among Nigeria’s top 20 import partners and Nigeria’s top 20 export partners. Japan is one of the 20 countries identified by the Commission as strategically important to Nigeria for investment promotion.”
He said that Nigeria benefits through the exportation of different products to Japan, particularly, agricultural and petroleum products. The volume of importation of Liquefied Natural Gas (LNG) from Nigeria to Japan has been on the increase. The Nigerian envoy in Japan said that “since April 2019, there has been significant increase in the applications for Business and Tourism Visas to Nigeria. After the maiden edition of the Seminar for Japanese Companies and Captains of Industry, the Business Networking Session for Japanese Businessmen and their Nigerian counterparts on the sidelines of the 7th Tokyo International Conference on African Development (TICAD VII) in Yokohama as well as other trade-related activities organised by the Embassy last year, the Japanese business community developed renewed interest in Nigeria. The applications for Visas to Nigeria increased significantly afterwards.
“Although we have not been able to build substantially on the gains, we garnered in 2019, the Embassy is undeterred. We believe that Nigeria and Japan will overcome Covid-19 and come out of this challenging period stronger. Therefore, we look forward with great optimism to actualise the initiatives we have in the pipeline and consolidate on the achievements we recorded in 2019/20.
“As soon as the situation begins to normalise, we shall take steps to pursue Nigerian-Japan relations with vigour and resolute determination, through robust engagements in economic and trade activities. We shall continue to bolster the networks of trade and economic activities between relevant actors and stakeholders from both countries. We shall initiate, encourage and support new ideas to expand the scope of trade and economic activities between both countries. I urge all Nigerians residing in Japan to continue to serve as good ambassadors of our country and to deepen their partnership and collaboration with the Embassy in the task of boosting relations between Nigeria and Japan. The Embassy remains resolutely committed to this objective as we celebrate the 60th Anniversary of our Country’s Independence and 60 years of Nigeria-Japan relations,” Ambassador Elias-Fatile said.
