Dele Alake, Nigeria’s Minister for Solid Minerals Development, has warned that illegal gold exports to the UAE threaten economic partnerships. He proposed enhancing trade relations and establishing a regulatory framework to combat illegal practices and boost collaboration in the mining sector with Ambassador Salem Al Shamsi, who affirmed the UAE’s commitment to reinforcing bilateral relations.
Dele Alake, the Minister of Solid Minerals Development in Nigeria, has disclosed that a considerable quantity of gold mined in Nigeria is being illicitly exported to the United Arab Emirates (UAE). During a meeting with the UAE Ambassador to Nigeria, Salem Al Shamsi, in Abuja, Alake stated that the extensive illegal trade in Nigerian gold not only thwarts potential economic growth partnerships between the two nations but also highlights the urgent need for regulatory changes. Alake elaborated on the historical ties that have connected Nigeria and the UAE for over fifty years, advocating for enhanced trade relations specifically in the mining sector. He pointed out that despite significant opportunities in this sector, much of the current gold trade remains informal, with large volumes being smuggled to the UAE. He proposed collaborative efforts to devise strategies that will curb this illegal trade, thereby creating a regulatory environment that could bolster both countries’ economic interests. Furthermore, the Minister underscored Nigeria’s rich mineral resources and noted the potential benefits that could accrue to the UAE from a strengthened partnership. He expressed Nigeria’s interest in technology transfers that could elevate its mining sector. In response, Ambassador Al Shamsi emphasized the UAE’s dedication to nurturing its long-standing relations with Nigeria. He referenced the recent alleviation of visa restrictions, which reflects the UAE’s commitment to enhancing bilateral cooperation. He also announced an upcoming Nigeria-UAE economic forum intended to attract investments from 30 to 35 prominent companies from the Middle East, demonstrating a concerted effort to increase Foreign Direct Investments in Nigeria. To systematically combat illegal mineral trade and bolster legitimate commerce, both nations have agreed to form a technical committee tasked with exploring collaborative strategies.
The illegal export of gold from Nigeria to the UAE is a pressing issue that has implications for both nations’ economies. Nigeria is endowed with numerous mineral resources, making it a significant player in the global mining sector. However, the unauthorized trade undermines the country’s potential to leverage these resources for economic development. The relationship between Nigeria and the UAE spans over fifty years, providing a foundation for possible enhanced cooperation in various sectors, particularly in mining, to promote legitimate trade and mutual benefits.
In conclusion, the illegal gold trade from Nigeria to the UAE presents a significant challenge that must be addressed to foster economic growth and cooperation. Through strengthened ties and the establishment of a regulatory framework, both nations can work together to mitigate illegal activities while enhancing trade relations. The forthcoming economic forum further signifies a commitment to boosting investment and advancing mineral trade between Nigeria and the UAE.
Original Source: punchng.com
