Dele Alake, Nigeria’s Minister of Solid Minerals Development, has pushed for enhanced trade relations with the UAE, focusing on solid minerals. He emphasized the need to combat illegal gold trade and improve trade regulations. Ambassador Al Shamsi affirmed the UAE’s commitment to strengthening Nigeria relations, announcing an economic forum to promote investments. Both nations will form a technical committee to address issues surrounding illegal mineral trade.
Dele Alake, the Minister of Solid Minerals Development, has advocated for stronger trade connections between Nigeria and the United Arab Emirates (UAE), focusing specifically on the solid minerals sector. During a meeting with Ambassador Salem Shaeed Al Shamsi, the UAE’s Ambassador to Nigeria, Alake underscored the historical significance of the over five-decade relationship shared by both nations. He highlighted the potential for further collaboration, particularly in mining, stating, “In the mining sector, we see significant opportunities for collaboration,” and addressing the issue of illegal gold trade that has seen much Nigerian gold being trafficked unlawfully into the UAE. Alake proposed joint efforts to devise strategies that would mitigate illegal operations and develop a regulatory framework that would benefit both countries through legal trade practices. Alake pointed out Nigeria’s abundant reserves of desirable minerals, indicating that the UAE could significantly benefit from a reinforced partnership in the mining industry. He also expressed interest in technological collaborations to advance Nigeria’s mining capabilities. Ambassador Al Shamsi reaffirmed the UAE’s commitment to enhancing its longstanding ties with Nigeria, highlighting recent developments like the lifting of visa restrictions and the signing of a Memorandum of Understanding (MOU) involving UAE companies and Nigeria via the Solid Minerals Development Fund (SMDF). He 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.” Additionally, he announced an upcoming Nigeria-UAE economic forum to be held in Nigeria, which will host around 30 to 35 major Middle Eastern firms, aimed at increasing Foreign Direct Investments (FDI) in Nigeria. To effectively combat illegal mineral trade and foster legitimate business practices, both nations have committed to establishing a technical committee tasked with exploring viable strategies for collaboration.
The proposed enhancement of trade between Nigeria and the UAE arises from a historical relationship exceeding fifty years, particularly in the solid minerals sector. Nigeria is rich in mineral resources, notably gold, which plays a significant role in international trade. However, much of this trade is marred by legality issues, with a considerable amount of gold being smuggled into the UAE. The Nigerian government is looking to better regulate this trade to ensure that it is both profitable and lawful, while the UAE serves as a crucial hub for mineral commerce. By collaborating, both nations stand to optimize their mineral trade and attract substantial foreign investment.
In conclusion, Minister Dele Alake’s call for strengthening trade ties between Nigeria and the UAE, particularly in the solid minerals sector, addresses the critical need for regulation and cooperation in combating illegal mineral trading. The commitment from both sides to establish regulatory frameworks and enhance technological partnership marks a significant step in enhancing economic growth and development. The upcoming Nigeria-UAE economic forum presents an additional opportunity to foster investment and further solidify the bilateral relationship.
Original Source: tribuneonlineng.com
