Nigeria Seeks to Deepen Economic Ties With Japan
Atiku Bagudu, Minister of Budget and Economic Planning

Nigeria Seeks to Deepen Economic Ties With Japan

The Federal Government of Nigeria (FGN) pledges to deepen its existing bilateral diplomatic and economic ties with the Government of Japan to enhance economic growth and development in Nigeria.

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, said this when he received the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi in his office in Abuja. Bagudu said that Nigeria and Japan have long existing collaboration in areas of agriculture, trade, investment, technical aid and grants.

“I note that businesses between both countries crisscross Nigeria’s exportation of agricultural and petrochemical products to Japan and importation from Japan, products such as automotive, ICT, services and other industrial goods.

“The volume of trade between both countries hovers around one billion dollars annually.

“In deepening Nigeria-Japan’s existing cordial relations and in expanding its frontiers to the private sector, a Nigeria-Japan Business Forum was organised by the Embassy of the Federal Republic of Nigeria in Japan in collaboration with relevant Agencies in Tokyo from Jan. 23 to Jan. 27, 2023.

Bagudu said that the forum had as its theme “‘Harnessing of Cross-Border Technological Advancement as a Catalyst for Achieving Sustainable Economic Development in Nigeria”.

He added that it showcased the limitless business opportunities that abound between the two countries, among other things.

The minister listed key opportunities in various sectors Japanese private investors could key into including Nigeria’s digital economy; green and blue economy and full implementation of the Petroleum Industry Act.

Others include large-scale mining operations, the culture, creative, tourism and hospitality sectors.

Bagudu also listed improved infrastructure, housing, road construction & rehabilitation; and investments in high-growth sectors such as agriculture and mining.

“A total sum of N348.1 trillion (US$790.6 billion) investment is required for the implementation of the plan.

“Out of the total investment requirement, the government is expected to provide 14.3 per cent, while the balance of 85.7 per cent is expected to be completed by the Private sector.

“Thus, a strong partnership between the public and private sectors is, therefore, imperative for the successful delivery of the planned outcomes,” Bagudu said.

On his part Kazuyoshi, said Japan International Cooperation Agency (JICA) in Nigeria was committed to realising a better life for Nigerian people through promoting high quality and inclusive economic and social development.

Kazuyoshi said that JICA had pledged to continue supporting the country.

“We have always been standing by and thinking together with Nigeria; our cooperation also supports Nigeria to achieve global goals such as Sustainable Development Goals (SDGs),” Kazuyoshi said. He promised to continue supporting the country, especially in the area of private sector development. #Nigeria Seeks to Deepen Economic Ties With Japan Naira Steadies as Banks Issue Update on FX Purchase