Minister Dele Alake urged for improved trade relations between Nigeria and the UAE, focusing on the mining sector. With illegal gold trade as a major issue, he proposed developing a regulatory framework to legitimize the sector. Ambassador Al Shamsi affirmed the UAE’s commitment to enhancing ties, announcing an economic forum to promote investments in Nigeria.
The Minister of Solid Minerals Development, Dele Alake, has advocated for strengthening trade relations between Nigeria and the United Arab Emirates (UAE), specifically focusing on solid minerals. During a meeting with UAE Ambassador to Nigeria, Salem Shaeed Al Shamsi, in his office, Mr. Alake underscored the historical significance of the robust bilateral relationship, which has spanned over five decades. He emphasized the necessity of expanding trade in the mining sector as a means to enhance these ties. Mr. Alake pointed out the substantial opportunities for collaboration in the mining sector, particularly in gold trade, which is currently marred by illegal activities. He noted that a considerable amount of Nigerian gold is illicitly traded to the UAE. He proposed that both nations collaborate to devise strategies aimed at curtailing illegal gold transactions and create a regulatory framework that legitimizes the trade, thus allowing both countries to reap the benefits. He also highlighted Nigeria’s vast deposits of globally sought-after minerals and suggested that the UAE, being a significant trading hub for minerals, stands to gain from a fortified partnership in this sector. In addition, Mr. Alake expressed a desire for technological collaboration with the UAE to further develop Nigeria’s mining capabilities. In response, Ambassador Al Shamsi reaffirmed the UAE’s commitment to strengthening its enduring partnership with Nigeria. He cited the recent abolition of visa restrictions and the signing of a Memorandum of Understanding (MOU) between UAE enterprises and Nigeria via the Solid Minerals Development Fund (SMDF) as testimonials to this commitment. He stated, “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations.” Ambassador Al Shamsi announced an upcoming Nigeria-UAE economic forum scheduled to occur in Nigeria, featuring participation from approximately 30 to 35 prominent companies from the Middle East and UAE, which is aimed at facilitating increased Foreign Direct Investments (FDI) in Nigeria. To further tackle the issue of illegal mineral trade and encourage legitimate commerce, the two nations reached an agreement to establish a technical committee dedicated to exploring collaborative strategies.
The article discusses the meeting between Dele Alake, Nigeria’s Minister of Solid Minerals Development, and UAE Ambassador Salem Shaeed Al Shamsi. The focus is on enhancing trade relations between Nigeria and the UAE, particularly in the mining sector. The dialogue reflects on past collaborations while addressing current challenges such as illegal gold trade. The proposed strategies aim to bolster the legitimate mineral trade and foster economic cooperation, presenting opportunities for technological exchange and foreign investment.
In conclusion, the dialogue between Minister Alake and Ambassador Al Shamsi highlights the potential for a strengthened trade relationship between Nigeria and the UAE, particularly in the mining sector. With proposed frameworks to combat illegal gold trade and enhance legitimate commerce, the partnership could significantly benefit both nations. Additionally, the forthcoming Nigeria-UAE economic forum is set to further enhance investment opportunities and bilateral relations.
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