Minister of Solid Minerals Development, Dele Alake, has proposed an enhancement of trade relations between Nigeria and the UAE with a focus on solid minerals, addressing illegal gold trade and opportunities for legitimate commerce. Ambassador Salim Shaheed Al Shamsi expressed the UAE’s commitment to this partnership, highlighting initiatives that will facilitate investment and bilateral relations.
Dele Alake, the Minister of Solid Minerals Development in Nigeria, has advocated for the strengthening of trade relations between Nigeria and the United Arab Emirates (UAE), specifically focusing on the solid minerals sector. During a recent meeting with Ambassador Salem Shaeed Al Shamsi of the UAE, Alake underscored the significance of the enduring relationship, which has spanned over 50 years, and the potential for further collaboration through trade in mining resources. Alake remarked on the existing challenges posed by illegal gold trade, which he described as a persistent issue affecting both nations. He stated, “In the mining sector, we see significant opportunities for collaboration. While there is considerable trade in gold, much of it remains illegal, with a large portion of Nigerian gold ending up in the UAE unlawfully. We propose working together to develop strategies to curb illegal gold trade and establish a regulatory framework that legitimizes this trade, allowing both countries to maximize their benefits.” The Minister also highlighted Nigeria’s rich array of valuable minerals and noted that the UAE’s position as a premier trading hub could be beneficial for both parties in enhancing cooperation within the mining industry. In addition, he expressed interest in partnering with UAE entities on technology transfer initiatives to bolster Nigeria’s mining capabilities. Ambassador Al Shamsi confirmed the UAE’s commitment to enhancing its longstanding ties with Nigeria. He acknowledged recent developments that facilitate this partnership, such as the removal of visa restrictions and the establishment of a Memorandum of Understanding (MOU) involving UAE companies and Nigeria through the Solid Minerals Development Fund (SMDF). “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations,” he stated. Furthermore, the Ambassador announced a forthcoming Nigeria-UAE economic forum set to convene in Nigeria, which will feature participation by 30 to 35 major firms from the Middle East and the UAE, with the objective of increasing Foreign Direct Investments (FDI) into Nigeria. In a collaborative effort to combat illegal mineral trade and foster legitimate commerce, both nations agreed to form a technical committee to explore viable strategies for collaboration.
The importance of solid minerals trade is paramount for economic development, particularly in resource-rich countries such as Nigeria. The UAE has emerged as a significant global trading hub, and strengthening bilateral trade ties in the solid minerals sector presents an opportunity to mitigate illegal activities and enhance legitimate trade processes. The collaboration between Nigeria and the UAE could potentially lead to increased economic benefits and sustainable growth in both countries, particularly within the realm of mining and resource management.
The discussions between Minister Alake and Ambassador Al Shamsi reflect a mutual commitment to enhancing trade relations focused on solid minerals between Nigeria and the UAE. The proposal for official measures to regulate trade and curb illegal activities, combined with initiatives for technology transfer and investment, promises significant prospects for both nations. Such collaborative efforts could ultimately lead to a more legitimate and profitable mining sector that benefits both economies.
Original Source: tribuneonlineng.com
