Alake Advocates for Enhanced Nigeria-UAE Trade Relations in Mining Sector

Minister of Solid Minerals Development Dele Alake advocated for strengthened trade relations between Nigeria and the UAE, emphasizing the mining sector’s potential. He highlighted issues surrounding illegal gold trade and proposed strategies to establish a legitimate regulatory framework. Ambassador Al Shamsi reiterated the UAE’s commitment to bilateral relations and announced an upcoming economic forum to promote investments in Nigeria.

The Minister of Solid Minerals Development, Dele Alake, underscored the necessity for enhanced trade relations between Nigeria and the United Arab Emirates (UAE) during a meeting with UAE Ambassador to Nigeria, Ambassador Salem Shaeed Al Shamsi. Mr. Alake drew attention to the historical relationship, which spans over five decades, and stressed the potential for forging closer ties through increased trade in the mining sector. He noted the significant opportunities for collaboration, particularly mentioning the illegal nature of much gold trade, with a considerable amount of Nigerian gold being trafficked to the UAE. Mr. Alake proposed developing strategies with the UAE to combat illegal trading and establish a legitimate regulatory framework, enabling both nations to benefit from lawful trade. He emphasized Nigeria’s rich deposits of globally sought-after minerals and identified the UAE as a pivotal hub for mineral commerce that could significantly profit from a stronger partnership. Mr. Alake expressed a keen interest in acquiring technology from UAE companies to bolster Nigeria’s mining endeavors. In reciprocation, Ambassador Al Shamsi reconfirmed the UAE’s dedication to strengthening the bilateral relationship, mentioning the important resolutions regarding visa restrictions and recent agreements between UAE enterprises and Nigeria represented through the Solid Minerals Development Fund. Further, the Ambassador announced an impending Nigeria-UAE economic forum scheduled to occur in Nigeria, anticipating participation from 30 to 35 leading companies from the Middle East and UAE to enhance Foreign Direct Investment (FDI) in Nigeria. In a bid to rectify illegal mineral trading and advocate legitimate processes, both nations resolved to form a technical committee to explore potential collaborative strategies.

The statement made by Minister Dele Alake is situated against the backdrop of Nigeria’s rich mineral resources and the ongoing challenges associated with illegal mineral trading. Despite vast deposits of valuable minerals, the Nigerian mining sector has been plagued by illicit activities, particularly with respect to gold. The UAE represents a significant market for these minerals. Strengthening the trade relationship through legitimate channels can potentially lead to economic growth for both nations.

The meeting between Minister Dele Alake and UAE Ambassador Salem Shaeed Al Shamsi highlighted a mutual recognition of the potential benefits of enhancing trade relations, particularly in the mining sector. By addressing illegal activities and fostering legitimate trade practices, both countries can achieve significant economic advancements while solidifying their long-standing partnership.

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