The Minister of Solid Minerals Development, Dele Alake, has announced that gold from Nigeria is being smuggled into the UAE, undermining potential economic partnerships. He called for enhanced trade relations and strategies to curb illegal exports during a meeting with UAE Ambassador Salem Al Shamsi. Both parties agreed on the establishment of a technical committee to tackle these issues and announced an upcoming economic forum aimed at boosting investment in Nigeria.
The Minister of Solid Minerals Development, Dele Alake, has raised concerns regarding the unlawful exportation of gold mined in Nigeria to the United Arab Emirates (UAE). He underscored that this illicit trade not only affects the country’s economic potential but also hinders beneficial partnerships aimed at mutual growth. During a meeting with the UAE Ambassador to Nigeria, Salem Al Shamsi, in Abuja, Minister Alake expressed the historical significance of the long-standing relationship between Nigeria and the UAE, which has persisted for over 50 years. He urged for an expansion of trade relations within 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.” Alake further proposed the development of strategies in collaboration with the UAE to combat the illegal gold trade and establish regulations that would allow both nations to benefit from legitimate commerce. In a formal statement issued by Segun Tomori, the Senior Special Assistant on Media to the Minister, Alake highlighted Nigeria’s abundant resources, which are desirable on a global scale. He noted that the UAE, being a key hub for mineral trade, could capitalize on enhanced cooperation with Nigeria in the mining industry. Additionally, Minister Alake conveyed an interest in partnering with the UAE to transfer technology that would bolster Nigeria’s mining capabilities. Ambassador Al Shamsi reiterated the UAE’s commitment to fortifying its relationship with Nigeria, noting the recent removal of visa restrictions and the establishment of agreements between UAE firms and Nigeria through the Solid Minerals Development Fund. Al Shamsi remarked, “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 disclosed plans for an upcoming Nigeria-UAE economic forum to facilitate discussions that would enhance Foreign Direct Investment (FDI) into Nigeria, expecting participation from approximately 30 to 35 major companies from the Middle East and the UAE. Both delegates agreed on the necessity to form a technical committee to explore methods of tackling illegal mineral trade and to advance legitimate commercial practices between their two nations.
The topic at hand pertains to the challenges of illegal gold mining and trade in Nigeria, particularly focusing on exports to the United Arab Emirates. The Nigerian government has acknowledged that a significant portion of its gold resources is being exported unlawfully, which not only detracts from potential economic gains but also complicates international relations. The UAE has emerged as a major player in the global mineral market, providing an opportunity for Nigeria to solidify trade relationships while putting mechanisms in place to curb illegal exports. The discussions between Minister Dele Alake and Ambassador Al Shamsi reflect a desire to transform this issue into a collaborative effort that benefits both nations.
In summary, the assertions by Minister Dele Alake regarding the illegal gold trade from Nigeria to the UAE underscore a critical concern that requires urgent attention. By fostering enhanced trade relations and collaborating on regulatory measures, both Nigeria and the UAE can harness their respective strengths in the mining sector. The commitment from both nations to establish a technical committee represents a positive step towards addressing the illegal trade and promoting legitimate commercial ventures. The proposed economic forum further signifies an opportunity for increased investment and cooperation in the mining industry, aiming to facilitate better outcomes for both countries.
Original Source: punchng.com
