Nigeria’s Minister of Solid Minerals Development, Dele Alake, has disclosed that substantial gold mined in Nigeria is being smuggled to the UAE. He advocates for enhanced trade relations to combat this illegal trade and leverage opportunities in the mining sector. Alake’s discussions with UAE Ambassador Salem Al Shamsi emphasized the potential for collaboration, culminating in initiatives like a forthcoming economic forum aimed at bolstering investments.
In a recent address, Dele Alake, the Minister of Solid Minerals Development in Nigeria, revealed that substantial amounts of gold extracted in Nigeria are being illicitly exported to the United Arab Emirates (UAE). He indicated that this rampant illegal trade poses a significant challenge to potential economic collaborations between the two nations. Alake underscored the necessity for a partnership focused on enhancing trade relations in the solid minerals sector, especially with regards to addressing the illegal gold trade. While meeting with Ambassador Salem Al Shamsi of the UAE in Abuja, Alake reflected on the enduring, over 50-year relationship between Nigeria and the UAE and asserted the imperative to intensify these ties, particularly in mining. He articulated his vision for collaborative opportunities in the mining sector, 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.” The minister proposed joint strategies to combat this illegal trade and seek to create a regulatory framework that would recognize and legitimize this commerce, thereby enabling both nations to fully harness the associated benefits effectively. Alake further emphasized Nigeria’s array of valuable minerals and the benefits the UAE could gain from a closer partnership in the mining field. Moreover, Alake expressed a strong interest in exploring technological partnerships with the UAE to enhance the Nigerian mining industry. Ambassador Al Shamsi echoed this sentiment, reaffirming the UAE’s commitment to strengthening its long-standing relationship with Nigeria. He highlighted significant recent developments such as the easing of visa restrictions and the establishment of a Memorandum of Understanding between UAE companies and Nigeria facilitated by the Solid Minerals Development Fund. Furthermore, the ambassador announced an upcoming Nigeria-UAE economic forum scheduled to be hosted in Nigeria, which will witness the participation of 30 to 35 prominent companies from the Middle East and the UAE, with the objective of increasing Foreign Direct Investment (FDI) in Nigeria. To tackle the prevalent illegal mineral trade and endorse legitimate business practices, both nations agreed to form a technical committee to explore collaborative strategies.
The issue of illegal gold smuggling from Nigeria to the UAE highlights the challenges that countries face in terms of unsanctioned trade, particularly in valuable sectors such as mining. Nigeria, known for its rich deposits of mineral resources, has struggled with illegal trading that undermines its economic potential and prospects for growth. Strengthening economic ties with the UAE, a significant hub for international mineral trade, presents an opportunity for Nigeria to consolidate trade relations, regulate its mining sector, and potentially maximize revenues derived from its rich mineral resources.
In conclusion, Minister Dele Alake’s assertions regarding the illegal exportation of Nigerian gold to the UAE illuminate a pressing issue detrimental to both nations’ economic aspirations. Establishing a collaborative regulatory framework and deepening the strategic partnership between Nigeria and the UAE can serve as a pathway to combat illegal mineral trade and enhance legitimate commerce. The anticipated Nigeria-UAE economic forum further emphasizes the commitment of both countries to explore and realize the full potential of their mineral resources.
Original Source: punchng.com
