The Nigerian Minister of Solid Minerals Development, Dele Alake, has called for expanded trade relations with the UAE, focusing on the mining sector. He highlighted the illegal gold trade issue and proposed regulatory measures to address it. The UAE Ambassador affirmed commitment to the partnership, announcing an upcoming economic forum in Nigeria and the formation of a technical committee to tackle illegal mineral trade.
The Minister of Solid Minerals Development, Dele Alake, has advocated for strengthened trade collaborations between Nigeria and the United Arab Emirates (UAE), highlighting the mining sector’s potential. During a meeting with the UAE Ambassador to Nigeria, Salem Shaeed Al Shamsi, Minister Alake reflected on the historical ties between the two nations, which have existed for over half a century, and underscored the necessity to expand these connections through enhanced trade in solid minerals. Alake pointed out the considerable opportunities for cooperation, particularly noting the illegal gold trade, which sees a significant amount of Nigerian gold being trafficked to the UAE without legal oversight. He proposed joint efforts to develop strategies aimed at regulating this trade to maximize the benefits for both countries. Nigeria is rich in precious minerals that are sought after globally, making the UAE, as an important trading hub, an essential partner in mining. Moreover, Minister Alake expressed his interest in collaborating with the UAE on technology transfer to improve Nigeria’s mining capabilities. In response, Ambassador Al Shamsi affirmed the UAE’s intent to reinforce its long-standing partnership with Nigeria, highlighting recent advancements such as the resolution of visa restrictions and a Memorandum of Understanding (MOU) facilitative of cooperation between UAE entities and the Solid Minerals Development Fund (SMDF) in Nigeria. Ambassador Al Shamsi announced an upcoming Nigeria-UAE economic forum in Nigeria, which will feature 30 to 35 prominent companies from the UAE and the Middle East. This forum is intended to foster Foreign Direct Investments (FDI) into Nigeria. To further address the issues surrounding illegal mineral trading and encourage legitimate commerce, both nations agreed to form a technical committee to develop collaborative strategies.
The conversation regarding trade relations between Nigeria and the UAE centers on the mining sector, particularly within the context of solid minerals. Nigeria, endowed with vast mineral resources, seeks to leverage its partnership with the UAE, which serves as a significant trading hub, to enhance its mining sector’s productivity and legality, especially concerning the illicit gold market. The discussions also highlight joint strategies, including technology transfer and regulatory frameworks, aimed at establishing a more transparent and regulated mining industry within Nigeria.
In conclusion, the ongoing dialogue between Nigeria and the UAE underscores a mutual interest in enhancing trade relations, particularly in the mining sector. The proposal to address illegal gold trading and establish a regulatory framework marks a significant step towards a more legitimate and profitable partnership. The impending economic forum and the establishment of a technical committee further emphasize the commitment of both nations to collaborate on these pressing issues.
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