The African Diaspora Network Japan (ADNJ) has highlighted Nigeria as a strategic entry point for Japanese companies seeking to expand into African markets, citing the country’s economic potential and its role in the African Continental Free Trade Area (AfCFTA). The call to action was made during the 2024 Osaka-Africa Business Forum, themed “Let’s Walk with Africa,” where ADNJ leaders and speakers presented Nigeria as an ideal destination for business growth in Africa.
In her keynote address, SME adviser Nose Yukio emphasized the continent’s economic potential, with a forecasted population growth that would make Africa home to a quarter of the world’s population by 2050. “The untapped nature of Africa’s market, combined with its growing population and abundant resources, presents enormous potential for Japanese firms,” Yukio said. She encouraged Japanese investors to consider Nigeria’s commercial capital, Lagos, as a key gateway to the West African market.
Yukio advised companies to develop products tailored to Africa’s needs, recommending automotive parts, power generators, and water filters as examples of high-demand goods. She also urged Japanese firms to leverage local resources, saying, “To succeed, produce with local materials and take advantage of Africa’s competitive labor costs by manufacturing locally.”
Japanese-Malian professor Oussouby Sacko further underscored the continent’s importance, describing Africa as “the final frontier of the global economy.” He highlighted the diversity of African markets and advised Japanese investors to move beyond seeing Africa as a monolithic region. Sacko also noted the need for educational initiatives to bridge cultural gaps and strengthen Japan-Africa trade partnerships, calling for collaborative solutions between the two regions.
A representative from the Japanese government reiterated the administration’s commitment to supporting Japan-Africa partnerships despite challenges like regional insecurity. “Our goal is to foster profitable partnerships across Africa,” the official stated, adding that the government would continue to promote opportunities for Japanese businesses on the continent. The official applauded ADNJ’s expanded focus on tangible business partnerships and its efforts to bring more African entrepreneurs to Japan.
David Kpondehou, President of ADNJ, emphasized the organization’s mission to reshape perceptions and facilitate cross-continental business. “ADNJ is changing the narrative,” he said, adding that its initiatives make it easier for African entrepreneurs to explore opportunities in Japan.
As Japan explores deeper economic ties with Africa, experts agree that Nigeria’s dynamic market and Africa’s broader growth potential offer Japanese businesses a unique pathway for expansion, fostering a new era of mutual economic collaboration.
