Minister of Solid Minerals Development, Dele Alake, has emphasized the importance of enhancing trade relations between Nigeria and the UAE, specifically in the solid minerals sector. During a meeting with UAE Ambassador Salem Shaeed Al Shamsi, Alake discussed strategies to combat illegal gold trade and proposed the establishment of a regulatory framework for legitimate mineral commerce. Both nations plan to form a technical committee to explore collaboration and are preparing for an upcoming economic forum to boost foreign investments in Nigeria.
The Minister of Solid Minerals Development, Dele Alake, has advocated for strengthened trade relations between Nigeria and the United Arab Emirates (UAE), particularly focusing on the solid minerals sector. In a recent meeting with the UAE Ambassador to Nigeria, Ambassador Salem Shaeed Al Shamsi, Minister Alake emphasized the historical significance of the over five-decade relationship between both nations and underscored the importance of enhancing ties through increased trade in mining. Minister Alake remarked on the collaborative opportunities available within the mining industry, pointing out that, although there is a considerable trade in gold, a significant portion remains illegal, leading to illicit export of Nigerian gold to the UAE. He proposed that both countries work together to develop strategies aimed at curtailing illegal gold trade and establishing a regulatory framework that would formalize this commerce, thereby ensuring mutual benefits. As highlighted in a statement by Segun Tomori, the Senior Special Assistant on Media to the Minister, Alake noted Nigeria’s rich endowment of highly sought-after minerals and asserted that the UAE, being a significant hub for mineral trade, would benefit from fostering a stronger partnership in this sector. Alake expressed a keen interest in engaging with the UAE on technology transfer initiatives to further advance Nigeria’s mining capabilities. Ambassador Al Shamsi reaffirmed the UAE’s commitment to deepening its established relationship with Nigeria, citing recent improvements such as the resolution of visa restrictions and the signing of a Memorandum of Understanding (MOU) involving UAE companies and Nigeria through the Solid Minerals Development Fund (SMDF). “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations,” asserted Ambassador Al Shamsi. He further announced an upcoming Nigeria-UAE economic forum to be hosted in Nigeria, which is expected to attract participation from approximately 30 to 35 leading companies from the Middle East and UAE, aimed at enhancing Foreign Direct Investments (FDI) in Nigeria. To address issues concerning illegal mineral trade and encourage legitimate commercial activities, both nations have agreed to form a technical committee to investigate potential collaboration strategies.
This article addresses the growing partnership between Nigeria and the United Arab Emirates in the solid minerals sector. Historically, both nations have enjoyed a relationship spanning over fifty years, prompting discussions about enhancing trade ties focused on mining. The Minister of Solid Minerals Development, Dele Alake, is actively seeking measures to combat illegal mineral trade, particularly in gold, which poses challenges to legitimate commerce. The UAE’s role as a significant player in mineral trading underscores the importance of a strengthened partnership, which could yield substantial economic benefits for Nigeria through foreign investments and technological advancements.
In conclusion, Minister Dele Alake’s discussions with Ambassador Salem Shaeed Al Shamsi highlight the potential for enhanced bilateral trade in solid minerals between Nigeria and the UAE. By addressing illegal gold trade and promoting legitimate business practices, both nations can develop a regulatory framework that fosters mutual benefits. The upcoming economic forum signifies a commitment to strengthening trade relationships and increasing foreign investment in Nigeria’s mining sector.
Original Source: tribuneonlineng.com
