Addressing the Illegal Gold Trade: Nigeria and UAE Seek Enhanced Partnership

Minister Dele Alake revealed that significant volumes of gold mined in Nigeria are illegally exported to the UAE. He emphasized the need for enhanced trade relations and collaboration to curb this illegal trade. With the mutual aim of strengthening bilateral relations, both nations have agreed to explore strategies for legitimate commerce through a proposed technical committee and an upcoming economic forum.

The Minister of Solid Minerals Development, Dele Alake, has raised concerns regarding the illegal export of gold mined in Nigeria to the United Arab Emirates (UAE). He emphasized that the substantial volume of this illicit trade undermines potential economic partnerships between the two nations. During a recent meeting with the UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in Abuja, Minister Alake discussed the long-standing 50-year relationship between Nigeria and the UAE, advocating for enhanced trade relations, particularly in the mining sector. Minister Alake pointed out that, although there is considerable international trade in gold, a significant portion of Nigerian gold is illegally exported to the UAE. He proposed collaborative efforts to develop strategies aimed at curbing this illegal trade and establishing a regulatory framework that would legitimize gold trade, enabling both countries to maximize benefits. He noted Nigeria’s rich deposits of valuable minerals that are in high demand globally, highlighting the potential advantages for the UAE as a prominent hub for mineral trade in reinforcing bilateral partnerships. Additionally, Alake expressed interest in a technological partnership with the UAE to advance Nigeria’s mining sector. In turn, Ambassador Al Shamsi reaffirmed the UAE’s commitment to strengthening its longstanding relationship with Nigeria. He noted recent developments such as the resolution of visa restrictions and a Memorandum of Understanding between UAE businesses and Nigeria via the Solid Minerals Development Fund. Al Shamsi also mentioned an upcoming Nigeria-UAE economic forum scheduled to take place in Nigeria, which is expected to host 30 to 35 leading companies from the Middle East and the UAE to bolster Foreign Direct Investments in Nigeria. To combat illegal mineral trade and promote legitimate commerce, both nations agreed to convene a technical committee to explore strategies for collaboration.

The illegal export of gold from Nigeria to foreign markets represents a significant challenge for the country, hindering potential economic development and collaboration with international partners. The UAE plays a critical role in the global mineral trade and addresses these illegal activities will require a cooperative approach involving regulatory frameworks and mutual agreements. Nigeria’s wealth in solid minerals presents opportunities for economic growth, and a strengthened partnership with the UAE could leverage this potential to benefit both economies through legitimate trading practices. Historical ties between the countries add further significance to these discussions, emphasizing the importance of enhancing bilateral relations through trade.

In conclusion, the dialogue between Minister Dele Alake and Ambassador Salem Al Shamsi underscores the urgent need to address the illegal gold trade from Nigeria to the UAE. By fostering closer economic ties and establishing a regulatory framework for mineral trade, both nations can unlock significant economic benefits while enhancing their longstanding relationship. The upcoming economic forum and proposed technical committee are steps toward achieving a legitimate and profitable partnership in the mining sector.

Original Source: punchng.com