Strengthening Solid Minerals Trade: Nigeria and UAE Collaborate for Mutual Growth

Minister Dele Alake of Nigeria is pushing for stronger trade ties with the UAE, focusing on solid minerals and combating illegal gold trade. A proposed technical committee aims to enhance cooperation and formalize the trade framework, while an upcoming economic forum will encourage investments. Both leaders acknowledge the historical relationship and its potential for further economic collaboration.

The Minister of Solid Minerals Development, Dele Alake, is advocating for enhanced trade relations between Nigeria and the United Arab Emirates (UAE), focusing specifically on solid minerals. During a meeting with UAE Ambassador to Nigeria, Salem Shaeed Al Shamsi, Minister Alake underscored the historical ties of more than 50 years between the two nations and expressed the necessity of strengthening these connections through increased trade in the mining sector. Alake remarked, “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. We propose working together to develop strategies to curb illegal gold trade and establish a regulatory framework that legitimizes this trade, allowing both countries to maximize their benefits.” He further highlighted Nigeria’s abundant resources of globally sought-after minerals, suggesting that the UAE, recognized as a key hub for mineral commerce, would benefit from a more robust partnership in the sector. Additionally, Alake expressed his interest in collaborating with the UAE on technology transfers to advance Nigeria’s mining capabilities. Ambassador Al Shamsi shared his country’s commitment to enhancing the longstanding relationship with Nigeria, referencing the recent easing of visa restrictions and the signing of a Memorandum of Understanding (MOU) between UAE enterprises and Nigeria’s Solid Minerals Development Fund (SMDF). He emphasized, “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations.” Moreover, Ambassador Al Shamsi announced a forthcoming Nigeria-UAE economic forum set to occur in Nigeria, which will see participation from 30 to 35 major companies from the Middle East and UAE, aimed at stimulating Foreign Direct Investments (FDI) in Nigeria. To further address issues surrounding illegal mineral trade and foster legitimate commerce, both nations have decided to form a technical committee to explore collaborative strategies.

The discussion around enhancing trade relations in solid minerals between Nigeria and the UAE emerges from a backdrop of robust historical ties exceeding half a century. Both nations recognize the potential economic benefits inherent in the mining sector, which, despite its challenges such as illegal gold trade, presents significant opportunities for mutual growth. The UAE functions as an important international hub for mineral trading, while Nigeria possesses a vast array of valuable minerals that are increasingly critical in the global market. The proposed collaboration aims not only to regulate and formalize the mineral trade but also to facilitate technological advancements in Nigeria’s mining sector, strengthening bilateral economic partnerships.

In conclusion, the concerted efforts by Minister Dele Alake and Ambassador Salem Shaeed Al Shamsi to deepen trade relations between Nigeria and the UAE represent a pivotal step towards enhancing the solid minerals sector. With proposals for regulatory frameworks to combat illegal gold trade, increased foreign direct investments, and advancements in technology transfer, both nations stand to gain significantly from this collaboration. Establishing a technical committee to address these challenges further underscores their commitment to fostering legitimate and beneficial trade practices.

Original Source: tribuneonlineng.com