Nigerian gold is being illegally exported to the UAE, hindering partnership opportunities for economic growth. Minister Dele Alake emphasized the need for strengthened trade relations and proposed collaboration to curb illegal activities in the gold sector. The UAE Ambassador affirmed commitments to enhancing bilateral relations and announced an upcoming Nigeria-UAE economic forum aimed at increasing investments in Nigeria.
Dele Alake, the Minister of Solid Minerals Development, has disclosed that illegal gold mining activities are resulting in significant quantities of gold being exported from Nigeria to the United Arab Emirates (UAE). He pointed out that this illicit trade hinders opportunities for a fruitful partnership that could stimulate economic growth between the two nations. During a meeting with Ambassador Salem Al Shamsi of the UAE in Abuja, Minister Alake underscored the need to fortify trade relations, particularly in the mining sector. He remarked on the over five-decade history of collaboration between Nigeria and the UAE and stressed the promising prospects for trade in solid minerals. Alake stated, “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 legitimizes this trade, allowing both countries to maximize their benefits.” Alake further emphasized Nigeria’s abundant mineral resources, which are in high demand globally, and highlighted the UAE’s role as a key trade hub for minerals. He expressed a keen interest in collaborating with the UAE on technology transfer initiatives to enhance Nigeria’s mining operations. Ambassador Al Shamsi reaffirmed the UAE’s commitment to strengthening long-standing ties with Nigeria. He noted recent developments such as the easing of visa restrictions and the signing of a Memorandum of Understanding between UAE companies and the Nigeria Solid Minerals Development Fund as positive steps toward advancing bilateral relations. Al Shamsi stated that “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations.” He also announced the forthcoming Nigeria-UAE economic forum, which will take place in Nigeria and is expected to attract participation from 30 to 35 influential companies from the Middle East and the UAE. This forum aims to enhance Foreign Direct Investments in Nigeria. To mitigate illegal mineral trading and promote legitimate commerce, both nations have agreed to form a technical committee to explore collaborative strategies.
The illegal export of Nigerian gold to the UAE presents significant challenges to potential economic partnerships between the two countries. Both Nigeria and the UAE have established a longstanding relationship, with deep historical ties that have the potential to benefit from expanded trade in solid minerals. The mining sector in Nigeria is rich in resources that are internationally sought after, and efforts to establish a regulatory framework for legitimate trade are imperative for economic development. The cooperation between the two nations aims to curb illegal activities while fostering legitimate trade opportunities.
In summary, the Nigerian government acknowledges the pressing issue of illegal gold exports to the UAE and is advocating for a collaborative approach to combat this challenge. By fostering a regulatory framework and strengthening trade relations, both countries can enhance their mutual benefits and establish a more legitimate mining sector. The commitment to deepening these ties was highlighted during the recent engagement between Minister Ake and Ambassador Al Shamsi, which underscores the potential for significant economic growth through innovation and responsible commerce in the mining sector.
Original Source: punchng.com
