On Monday, the Federal Government of Nigeria made a commitment to strengthen the country’s ties with the Government of Japan in order to boost the country’s economic growth and development.
According to the Nigerian News Agency (NAN), this was mentioned by Senator Abubakar Bagudu, Nigeria’s Minister of Budget and Economic Planning, when he met with the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, in his Abuja office.
Bagudu stated that agriculture, trade, investment, technical aids, and grants are all areas in which Nigeria and Japan have worked together for some time.
It has come to my attention that trade between the two countries is highly intertwined, with Japan purchasing agricultural and petrochemical items from Nigeria and Nigeria purchasing automotive, information technology, service, and other industrial commodities from Japan.
The annual value of trade between the two nations is roughly $1 billion.
A Nigeria-Japan Business Forum was held in Tokyo from January 23-27, 2023, with the goal of “deepening existing cordial relations and expanding its frontiers to the private sector.” This forum was organized by the Embassy of the Federal Republic of Nigeria in Japan in conjunction with relevant Agencies.
Bagudu stated that “Harnessing of Cross-Border Technological Advancement as a Catalyst for Achieving Sustainable Economic Development in Nigeria” was the theme of the forum.
He also said it demonstrated the boundless commercial potential between the two nations.
Opportunities in Nigeria’s digital economy, green and blue economy, and the full execution of the Petroleum Industry Act were all highlighted by the minister as areas where Japanese private investors might make a significant impact.
Industries such as large-scale mining, the arts, tourism, and hospitality are others.
Bagudu included investments in high-growth areas like agriculture and mining alongside standard infrastructure upgrades like new buildings and rehabilitated roads.
It will take an investment of N348.1 trillion (about $790.6 billion) to put the loan into action.
We anticipate that the private sector will contribute 85.7% of the necessary investment, with the government contributing 14.3%.
Bagudu said that “a strong partnership between the public and private sectors is, therefore, imperative” for achieving the desired results.
Kazuyoshi added that JICA’s mission in Nigeria was to help Nigerians live better lives by fostering high-quality, all-encompassing economic and social development.
According to Kazuyoshi, JICA has promised to keep providing aid to Japan.
“We have always stood by and thought together with Nigeria,” Kazuyoshi added. “Our partnership also supports Nigeria’s achievement of global goals such as the Sustainable Development Goals (SDGs).
He vowed to maintain his assistance, particularly in the growth of the private sector.