Japan ranks 5th among top foreign investors in Nigeria — official

Japan has been ranked 5th among top foreign investors in Nigeria.

The Chargé d’Affaires of the Nigerian Embassy in Japan, Tope Adeleye Elias-Fatile, stated this in a remark during the commemoration of Nigeria’s 60th independence anniversary in Tokyo, Japan.

He said over the years, relations between Nigeria and Japan have been largely economic and trade-driven.

He said both countries had been recording steady improvements in trade and economic relations.

Quoting statistics by the Nigerian Investment Promotion Commission (NIPC), Elias-Fatile said: “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 No 5 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.

“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 envoy added that the number of Japanese companies in Nigeria had increased from 32 in 2017 to 43 in 2020.

The companies, he said, were engaged in power generation, transmission and distribution, agriculture, machinery, automobile, manufacturing, engineering, electronics, infrastructure, food and seasoning, medical and healthcare, among others.

Some of them manufacture products
locally in their own plants in Nigeria, he added.

Elias-Fatile said after a networking session to link up Japanese firms with their Nigerian counterparts, the Japanese business community developed renewed interest in Nigeria.

The envoy assured that the embassy would continue to bolster the networks of trade and economic activities between relevant actors and stakeholders from both countries.