Minister Dele Alake emphasizes the necessity of strengthening trade relations between Nigeria and the UAE, particularly in the mining sector. Amid concerns about illegal gold trade, he advocates collaboration to establish a regulatory framework. The UAE’s Ambassador expresses support for enhanced ties, including an upcoming economic forum aimed at increasing direct investment in Nigeria.
The Minister of Solid Minerals Development, Dele Alake, has stressed the importance of bolstering trade relations between Nigeria and the United Arab Emirates (UAE), particularly in the solid minerals sector. During a meeting with UAE Ambassador to Nigeria, Salem Shaeed Al Shamsi, Minister Alake underscored the historical ties that have developed over the past five decades, advocating for increased collaboration through a focus on mining. He pointed out that while Nigeria has an abundance of minerals in demand globally, including gold, much of this trade remains illicit, with a significant volume of Nigerian gold finding its way to the UAE through illegal channels. To address this issue, Minister Alake proposed joint efforts to devise strategies that would not only mitigate illegal gold trading but also establish a regulatory framework to formally legitimize this trade, thereby benefiting both nations. Furthermore, Minister Alake expressed an interest in engaging the UAE in technology transfer initiatives to enhance Nigeria’s mining industry. Ambassador Al Shamsi, in response, affirmed the UAE’s dedication to strengthening its enduring relationship with Nigeria, highlighting recent advancements such as the resolution of visa restrictions and a Memorandum of Understanding (MOU) between UAE companies and Nigeria via the Solid Minerals Development Fund (SMDF). Additionally, Ambassador Al Shamsi announced an upcoming Nigeria-UAE economic forum scheduled to be held in Nigeria, which is expected to attract participation from 30 to 35 leading companies from the Middle East and UAE, with the aim of augmenting Foreign Direct Investment (FDI) in Nigeria. To combat the issues surrounding illicit mineral trade and to encourage legitimate commercial activities, both parties have agreed to form a technical committee to investigate collaborative strategies.
The relationship between Nigeria and the UAE has been longstanding, dating back over fifty years. This connection has allowed for various collaborative opportunities, particularly in trade and investment sectors. Solid minerals represent a significant area for potential growth, as Nigeria is rich in valuable resources, yet faces challenges with illegal trading practices. Addressing these issues through proper regulations can lead to mutual benefits for both countries. The UAE serves as a major hub for mineral trading globally, highlighting the importance of legitimate trade mechanisms.
In conclusion, Minister Dele Alake’s advocacy for enhanced trade relations between Nigeria and the UAE highlights the urgent need to regulate the gold trade and leverage Nigeria’s mineral wealth. Both nations are committed to forging a more robust partnership that not only addresses illegal trading but also fosters legitimate commerce through technology transfer and investment in mining. The forthcoming economic forum promises to be a pivotal step in strengthening this bilateral relationship, thereby benefiting both countries economically.
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