JBIC’s next generation discuss how to advance African projects

JBIC has young professionals who work undeterred by difficulties because of their strong passion for Africa, which somehow inspires them. Three individuals with different backgrounds and roles candidly discuss the appeal and challenges of projects in Africa, and the sense of fulfillment they gain through work on the ground: MORIOKA Junya and HIRATO Hitomi from the JBIC Representative Office in Paris, which covers French-speaking Africa, and OTAIGBE Jennifer Mai, who handles African projects in the Mining and Metals Finance Department.

MORIOKA I have been interested in Africa ever since my student days, and at university I focused on politics and governance in Zambia and the Democratic Republic of the Congo. I aspired to work at JBIC to engage in initiatives related to Africa.

HIRATO My interest in Africa was sparked when I visited Morocco as a student with my father. It was fascinating to use a second language as a tool to discover an unfamiliar world. This led me to think about doing work related to Africa where I can use my French, and was the starting point for my aspirations to join JBIC.

OTAIGBE I have roots in Nigeria, and ever since I was a child, I have wanted to contribute to Africa through business. That led me to JBIC, and now I am involved in a wide range of African projects, feeling that those early aspirations have taken shape in my work today.

MORIOKA When I joined the bank six years ago, the predominant image of Africa was still negative, such as “poor public safety.” But I think that lately there are more people wishing to work at JBIC due to an increasingly positive perspective of “Africa's potential.”

HIRATO That’s right. I remember that prior to a business trip to Algeria, the only information I could obtain came from the media, and frankly, I had a preconception of the country as being “a little scary.” But when I actually got there, the Algerian capital’s streets were orderly, and there were hardly any occasions when I felt unsafe. Through discussions with the government officials there, I was able to sense the consistency of their national policies and strongly felt their determination to develop their country in their own way.

OTAIGBE I had been visiting Nigeria since childhood, so was familiar with Africa’s unique and often complex realities on the ground. I thought I was fairly prepared when I started working here. Even so, there were unexpected situations, such as a business partner not attending a scheduled meeting and then becoming difficult to reach afterwards.

MORIOKA & HIRATO That sounds like something that often happens there.

OTAIGBE It took me several months, when I tried every possible way and approached multiple stakeholders before I finally reestablished contact. Through this experience, I came to realize that moving forward sometimes means adapting to local business practices and communication styles.

MORIOKA Though this doesn’t apply to all countries, one common thread in doing business in Africa is that you can’t make progress without going through the key person. A project’s progress can vary greatly depending on who you are dealing with. The key person’s business ability and extent of their network cannot necessarily be judged by surface-level information such as title or age, and the power dynamics within an organization are difficult to see from the outside. That is why we need experience to identify the key person and often use all available routes and information sources.

HIRATO And on top of that, I think it is important that they recognize you as their key person. Ideally, I would like to establish a relationship where local stakeholders think, “If we’re going to be working with JBIC, everything will be okay if we first contact HIRATO.” Taking time to build deep mutual trust with your key persons is a difficult process, but that makes it all the more rewarding.

MORIOKA I feel that it is truly important to actively participate in various forums and international conferences to meet local stakeholders in person. In May this year, JBIC signed its first agreement to provide a credit line to Côte d'Ivoire. Even before the negotiations for these transactions started in earnest with the Ivorian Ministry of Finance and Budget, we knew about them from an international conference in 2024, which helped smooth the discussions.

OTAIGBE When attending international conferences and similar events, I also make a conscious effort to connect with key persons. These encounters are part of what makes Africa so interesting and stimulating. Recently, alongside a site survey of the Menengai Geothermal Power Plant in Kenya, which I am responsible for, I also visited neighboring countries to explore new business opportunities for Japanese companies.

HIRATO I understand that the Kenya project was quite challenging.

OTAIGBE Yes, this project had already started before I joined the bank. It took seven years and seven months from the initial consultation to the signing of the loan agreement. The JBIC staff member in charge changed several times, and I took over for the final stage. One reason this project took so long to reach approval was the change of government in Kenya.

HIRATO This might also be a circumstance unique to Africa, but a presidential election is also a time when caution is necessary in advancing a project. A situation in which everything can get reset is quite challenging.

The loans I was in charge of, the 2023 solar power project and the electrified lantern project for elementary schools, were JBIC's first projects in Benin and the first implemented for an African government under the “GREEN (Global action for Reconciling Economic growth and ENvironmental preservation)” framework. I also experienced a time-consuming and labor-intensive approval process, with a lot of back-and-forth.

MORIOKA Including the fact that there are changes in project personnel, there are times when business comes to a complete standstill for three to four months after a presidential election. Indeed, with Côte d'Ivoire’s presidential election slated for this October, it was clear that any negotiations around that time would reach an impasse. Both sides were aware of this, and so the project was advanced at a pace that was quite rapid.

The country's finance ministry officials were very competent and very helpful here. They also liaised between us and the project team when we wanted them to understand JBIC’s role, allowing talks to advance smoothly.

HIRATO Following the 2023 project, we are now negotiating on additional collaborative projects. I believe that since we have already navigated choppy waters, we will be able to make proposals and take approaches that are even more beneficial to the country.

However, I think there is an issue in the fact that JBIC's active involvement in African projects and the diverse financial options we have to support Japanese companies are not sufficiently recognized. I would like to widely share JBIC's efforts and build a portfolio of accomplishments so that more Japanese companies can realize the high potential of developing business in Africa.

As someone working with Africa, I intend to steadily pursue projects in Benin, Algeria, and Morocco, with which JBIC signed a memorandum of understanding (MOU) during last year's COP29 (29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change).

OTAIGBE Regarding challenges, I feel that Japan as a whole is a bit too cautious about doing business in Africa compared to other countries. Even in Asia, China and India have already established a strong presence, and I hear that South Korea is also stepping up its initiatives toward Africa with an eye to securing critical minerals. More recently, Indonesia has also been increasing its engagement with Africa, hosting forums to strengthen economic ties.

Seeing these developments makes me feel that “still being in the consideration stage” is already too late and that Japan could end up being completely left behind if we miss this opportunity. That is why, through my work at JBIC, I would also like to encourage as many Japanese companies as possible to spark their interests and move forward in Africa. And in the future, I hope to also be involved in projects in Nigeria.

MORIOKA It seems to me that European countries were already directing their attention to certain African nations some two years before Japanese companies started taking interest—cases where French companies and others had already decided that the timing was right to develop business there, while Japanese companies were still being hesitant. I believe it is our important mission as JBIC’s office in Paris to identify such countries early, identify key persons and build relationships, laying the groundwork for Japanese companies to smoothly enter the market.

TICAD should be the launching pad for developing a multifaceted and deep relationship with Africa that goes beyond just signing MOUs. We are making quiet but passionate efforts to contribute to this.

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