Nigerian gold is being illegally exported to the UAE, undermining economic growth potential. Minister Dele Alake emphasizes the need for regulatory collaboration to combat this trade while strengthening bilateral relations. Plans for future engagement include an economic forum aimed at increasing foreign investments.
The Minister of Solid Minerals Development, Dele Alake, has expressed concerns regarding the illegal exportation of gold mined in Nigeria to the United Arab Emirates (UAE). He highlighted how this illicit trade significantly hampers the country’s economic growth prospects and the potential for establishing a robust partnership with the UAE by focusing on the solid minerals sector. During a meeting with the UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in Abuja, Minister Alake recognized the longstanding relationship between Nigeria and the UAE, which has spanned over 50 years. He underscored the importance of reinforcing these ties by enhancing trade in the mining field, particularly addressing the rampant illegal gold transactions. Alake articulated an urgent need for collaboration between the two nations, stating, “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.” To tackle this issue, he proposed the development of strategies aimed at curbing illegal gold trade while establishing a regulatory framework that legitimizes this trade, thereby allowing both countries to benefit from it in a structured manner. Furthermore, the Minister emphasized Nigeria’s rich deposits of globally sought-after minerals and noted that the UAE, as a significant mineral trading hub, could greatly benefit from a more profound partnership in the mining sector. He also expressed interest in exploring avenues for technology transfer to elevate Nigeria’s mining capabilities. Ambassador Al Shamsi reiterated the UAE’s commitment to solidifying its relationship with Nigeria, citing the recent adjustments to visa restrictions and the establishment of a Memorandum of Understanding between UAE companies and Nigeria via the Solid Minerals Development Fund. He remarked, “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations.” Additionally, the Ambassador revealed plans for an upcoming Nigeria-UAE economic forum scheduled to occur in Nigeria, which would feature participation from 30 to 35 prominent companies from the Middle East and UAE. This forum aims to enhance foreign direct investments in Nigeria. To further address illegal mineral trade and foster legitimate commerce between both nations, Minister Alake and Ambassador Al Shamsi agreed on the necessity of establishing a technical committee to devise collaborative strategies.
The illegal exportation of gold from Nigeria to the UAE reflects a broader issue of unregulated mineral trade that undermines both nations’ economic potential. This situation has prompted Nigerian authorities, particularly within the Solid Minerals Development Ministry, to seek stronger regulatory measures and international partnerships to curb illegal activities and promote legitimate commerce. The two countries, sharing a long-standing historical relationship, are now looking at ways to enhance their collaboration for mutual benefit in the mining sector.
In summary, the unlawful gold trade from Nigeria to the UAE poses significant challenges for economic development and bilateral relations. Minister Dele Alake’s call for enhanced cooperation through a regulatory framework aims to transform this illicit trade into a legitimate industry that benefits both nations. The ongoing dialogue and forthcoming economic forum signal a promising direction for both countries, highlighting their commitment to advancing trade partnerships in the solid minerals sector.
Original Source: punchng.com
