The Minister of Solid Minerals Development in Nigeria, Dele Alake, has reported that a significant amount of Nigerian gold is unlawfully exported to the UAE. He emphasized the need for improved trade relations to address this issue and promote collaboration in the mining sector. During a meeting with the UAE Ambassador, strategies to curb illegal gold trade and enhance bilateral relations were discussed, along with plans for an upcoming economic forum.
Dele Alake, the Minister of Solid Minerals Development in Nigeria, has revealed that a considerable portion of gold mined in Nigeria is being unlawfully exported to the United Arab Emirates (UAE). This illicit gold trade not only poses challenges to Nigeria’s economic potential but also hinders the opportunity for meaningful partnerships that could foster growth in both nations. During a meeting with UAE Ambassador to Nigeria, Salem Al Shamsi, in Abuja, Minister Alake underscored the importance of reinforcing trade relations, particularly in the solid minerals sector. He remarked, “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 legitimises this trade, allowing both countries to maximize their benefits.” The minister highlighted Nigeria’s rich deposits of valuable minerals and noted the UAE’s pivotal role as a mineral trading hub. Alake expressed interest in engaging with the UAE to facilitate the transfer of technology that could advance Nigeria’s mining industry. Ambassador Al Shamsi reaffirmed the UAE’s commitment to enhancing bilateral relations, pointing out advancements such as the resolution of visa restrictions and the signing of a Memorandum of Understanding (MoU) between UAE companies and Nigeria through the Solid Minerals Development Fund. 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.” Additionally, he announced an upcoming Nigeria-UAE economic forum scheduled to convene in Nigeria, which will attract participation from 30 to 35 prominent companies from the Middle East and the UAE, aimed at increasing Foreign Direct Investments in Nigeria. To combat the illegal mineral trade and promote legitimate commerce, both the Nigerian and UAE governments have agreed to form a technical committee to explore collaborative strategies.
The issue of illegal gold smuggling from Nigeria to the UAE is significant as it diminishes potential economic benefits and undermines trade relations between the two nations. Gold mining in Nigeria has the potential to generate revenue and foster international partnerships, making it crucial for both governments to address illegal activities that disrupt legitimate trade. The longstanding historical ties between Nigeria and the UAE further emphasize the need for cooperative measures in the mining sector, which is vital for economic sustainability and growth for both countries.
The discussions between Nigeria and the UAE aim to curb illegal gold exports and strengthen collaborative efforts in the mining sector. By establishing a regulatory framework and enhancing trade relations, both nations have the opportunity to transform the illegal mining landscape into a robust and mutually beneficial industry. The upcoming economic forum and commitment to technological advancements could pave the way for significant developments in Nigeria’s mining sector.
Original Source: punchng.com
