Minister of Solid Minerals Development, Dele Alake, calls for stronger trade relations between Nigeria and the UAE, focusing on solid minerals. He emphasizes the need to curb illegal gold trade and proposes a regulatory framework for legitimate commerce, highlighting Nigeria’s mineral wealth. Both nations plan to form a technical committee for collaboration, coinciding with an upcoming Nigeria-UAE economic forum to attract investments.
In a bid to strengthen Nigeria’s trade relations with the United Arab Emirates (UAE), Dele Alake, the Minister of Solid Minerals Development, emphasized the importance of enhancing collaboration, particularly in the mining sector. During a meeting with the UAE Ambassador to Nigeria, Ambassador Salem Shaeed Al Shamsi, Mr. Alake acknowledged the historical ties between the two nations, spanning over 50 years, and called for an expansion of trade activities focused on solid minerals. Highlighting the potential for cooperation, Mr. Alake noted substantial illegal gold trade from Nigeria to the UAE, underlining the necessity for joint strategies to combat this issue. He proposed the establishment of a regulatory framework aimed at legitimizing mineral trade, thereby benefiting both countries significantly. Furthermore, he pointed out Nigeria’s rich deposits of desirable minerals and highlighted how a fruitful partnership with the UAE—the world’s mineral trading hub—could yield considerable advantages. The minister also expressed interest in technology transfer to elevate Nigeria’s mining industry. In response, Ambassador Al Shamsi affirmed the UAE’s commitment to strengthening bilateral relations, pointing to the recent lifting of visa restrictions and the Memorandum of Understanding signed between companies from the UAE and Nigeria through the Solid Minerals Development Fund (SMDF). He emphasized these developments as indicators of their dedication to enhancing ties. The ambassador also mentioned an upcoming economic forum in Nigeria, which will include participation from major Middle Eastern companies, aimed explicitly at increasing Foreign Direct Investments (FDI) in Nigeria. To further address the illegal trade of minerals and foster legitimate commerce, both nations agreed to form a technical committee to explore collaborative strategies.
The discussion between Nigeria and the UAE regarding trade relations, particularly in the solid minerals sector, stems from a long-standing bilateral relationship. Over the past fifty years, both countries have engaged in various forms of cooperation, primarily revolving around economic and trade opportunities. With Nigeria rich in valuable minerals and the UAE serving as a significant hub for mineral trade, the potential for mutually beneficial partnerships is evident. Currently, illegal practices in the gold trade pose challenges that require strategic interventions to ensure legality and profitability for both nations. The recent easing of travel restrictions further supports a conducive environment for fostering deeper economic ties.
In summary, Minister Dele Alake’s discussions with the UAE Ambassador reflect a proactive approach toward enhancing trade relations, particularly in the mining sector. By addressing illegal mineral trade and proposing regulatory frameworks for legitimate commerce, both Nigeria and the UAE stand to benefit significantly. The planned economic forum and the establishment of a technical committee signify a commitment to exploring collaborative opportunities, ultimately aim to boost Foreign Direct Investments in Nigeria.
Original Source: www.premiumtimesng.com
