Nigerian gold is being illegally exported to the UAE, according to Minister Dele Alake. He called for stronger trade ties focused on solid minerals to combat this issue and promote legitimate commerce. The recent lifting of visa restrictions and an upcoming economic forum signify a potential strengthening of bilateral relations between Nigeria and the UAE, with a focus on mining sector collaboration.
The Minister of Solid Minerals Development, Dele Alake, has raised concerns regarding the illegal exportation of gold mined in Nigeria to the United Arab Emirates (UAE). During a meeting with the UAE Ambassador to Nigeria, Salem Al Shamsi, Alake underscored that this illicit trade poses a significant challenge to fostering a viable partnership geared towards economic development between the two nations. To address this pressing issue, Minister Alake advocated for the strengthening of trade relations, particularly in the realm of solid minerals. He remarked on the historical ties that have existed for over fifty years between Nigeria and the UAE, emphasizing the need for enhanced collaboration in the mining sector. “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,” stated Alake. He proposed the establishment of joint strategies to combat illegal gold trafficking and to put in place a regulatory framework that would legalize trade practices, ultimately benefiting both countries. Furthermore, Alake expressed a desire to engage in partnerships with the UAE aimed at technology transfer to advance Nigeria’s mining capabilities. The UAE Ambassador reaffirmed the UAE’s commitment to bolstering its longstanding relationship with Nigeria. He highlighted the recent resolution of visa restrictions and the signing of a Memorandum of Understanding between UAE businesses and Nigeria via the Solid Minerals Development Fund. Al Shamsi articulated, “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 announced an upcoming Nigeria-UAE economic forum set to occur in Nigeria, which will attract participation from 30 to 35 major firms from the Middle East and the UAE. This forum aims to catalyze Foreign Direct Investments in Nigeria. To further combat illegal mineral trade and bolster legitimate commerce, both countries committed to forming a technical committee to explore avenues for cooperation.
This discussion emerges in the context of a growing recognition of the economic potential embedded in Nigeria’s mineral resources. The UAE has emerged as a significant player in the global mineral trade, prompting Nigeria to explore enhanced trade agreements that encompass legitimate trade in solid minerals, particularly gold, to replace illegal exports. This move is intended to ensure that both nations can prosper economically while addressing the challenges of unlawful mining operations.
In summary, the dialogue between Nigeria and the UAE underscores a critical moment in addressing the illegal gold trade flowing out of Nigeria. Minister Alake’s proposals aim at establishing a framework for legitimate trade while reinforcing the historical ties between the two nations. The anticipated Nigeria-UAE economic forum presents a pivotal opportunity for enhancing investments and collaborations in the mining sector, which could ultimately benefit both parties significantly.
Original Source: punchng.com
