Dele Alake, Nigeria’s Minister of Solid Minerals Development, has highlighted the illegal export of gold to the UAE, stressing its detrimental impact on economic partnerships. He proposed improved trade relations and regulatory measures to address this issue during a meeting with UAE Ambassador Salem Al Shamsi. Both nations aim to enhance collaboration in the mining sector and are set to establish a technical committee to combat illegal trading practices while promoting legitimate commerce.
The Minister of Solid Minerals Development, Dele Alake, has raised concerns about the illegal export of gold mined in Nigeria to the United Arab Emirates. He pointed out that this illicit trade significantly hampers potential economic partnerships between the two nations. During discussions with the UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in Abuja, Alake reflected on the longstanding relationship between Nigeria and the UAE, which has spanned over 50 years. He underscored the importance of fostering deeper ties, particularly in the mining sector, where substantial opportunities for collaboration exist. Alake emphasized that, while trade in gold is considerable, a large portion is unlawfully transported to the UAE. He advocated for cooperative initiatives to devise strategies that would mitigate illegal gold exports, as well as the establishment of a regulatory framework to legitimize the trade, thereby maximizing benefits for both countries. Furthermore, he expressed an interest in collaborating with the UAE to transfer technology aimed at enhancing Nigeria’s mining industry. In response, Ambassador Al Shamsi affirmed the UAE’s commitment to strengthening its historical ties with Nigeria. He noted recent developments such as the lifting of visa restrictions and the signing of a Memorandum of Understanding between UAE companies and Nigeria’s Solid Minerals Development Fund. Al Shamsi stated, “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 further announced an upcoming economic forum between Nigeria and the UAE, which will feature participation from 30 to 35 leading companies from the Middle East, designed to foster Foreign Direct Investments in Nigeria. Both nations have agreed to form a technical committee aimed at addressing illegal mineral trade and promoting legitimate business practices.
The topic of illegal gold trade between Nigeria and the UAE highlights significant concerns surrounding revenue losses due to smuggling and the potential for economic growth through legal trade practices. Nigeria is rich in minerals, and the UAE serves as a major hub for mineral trade; hence, strengthening ties between the two countries could lead to mutually beneficial outcomes. The ongoing discussions are indicative of Nigeria’s efforts to professionalize and regulate its mining sector, while the UAE seeks to reinforce bilateral relations and enhance investment opportunities.
In conclusion, the illegal gold trade from Nigeria to the UAE presents a substantial challenge that undermines economic partnerships. However, the aligned interests of both nations in promoting legitimate mineral trade and fostering technological transfer provide a pathway to addressing these challenges. The commitment to establish a regulatory framework and a technical committee demonstrates a proactive approach towards collaboration that can yield substantial benefits for both nations. Enhanced diplomatic and trade relations underscore the importance of addressing illegal activities in the mining sector.
Original Source: punchng.com
