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

Dele Alake, Nigeria’s Minister of Solid Minerals Development, reported illegal gold exports from Nigeria to the UAE, impacting potential economic collaborations. In discussions with UAE Ambassador Salem Al Shamsi, he proposed enhanced trade relations and cooperation in mining to address these issues. A technical committee will be formed to curb illegal trade and promote legitimate commerce, with an economic forum planned to encourage investments.

The Minister of Solid Minerals Development, Dele Alake, has raised concerns regarding the illegal exportation of gold mined in Nigeria to the United Arab Emirates (UAE). During a meeting with UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in Abuja, he highlighted that this significant illegal trade undermines opportunities for beneficial economic partnerships between the two nations. Minister Alake emphasized the importance of enhancing trade relations with the UAE, focusing particularly on the potential collaboration in the mining sector. He stated, “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.” The Minister noted Nigeria’s wealth in globally sought-after minerals and suggested that the UAE, recognized as a major hub for mineral trade, stands to benefit from a strengthened partnership in this area. Furthermore, he expressed a desire to collaborate with the UAE to facilitate technology transfer that could advance Nigeria’s mining operations. Ambassador Al Shamsi, in turn, affirmed the UAE’s unwavering commitment to enhancing its long-standing relationship with Nigeria. He cited the recent resolution of visa restrictions and the signing of a Memorandum of Understanding between UAE companies and Nigeria through the Solid Minerals Development Fund as steps aimed at bolstering bilateral relations. He remarked, “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, an upcoming Nigeria-UAE economic forum is scheduled to take place in Nigeria, which will involve the participation of 30 to 35 major companies from the Middle East and UAE. This forum aims to promote foreign direct investments in Nigeria. To effectively address the issue of illegal mineral trade and promote legitimate commerce, a technical committee will be established to explore and devise cooperative strategies between Nigeria and the UAE.

The illegal exportation of gold from Nigeria to the UAE brings to the fore critical issues surrounding resource management and economic cooperation between the two nations. Given that Nigeria possesses vast mineral resources, including gold, the illegal trade significantly impedes potential economic benefits that could arise from legitimate trade agreements. Strengthening trade relations through legal frameworks and collaborative efforts is crucial for both countries to realize mutual economic goals, particularly in the mining sector, which has vast untapped potential. The involvement of high-level officials, such as the Minister of Solid Minerals Development and the UAE Ambassador, signifies the importance of this dialogue in shaping future relations and addressing pressing issues surrounding mineral trade.

In summary, the discussion between Minister Dele Alake and UAE Ambassador Salem Al Shamsi reflects the urgent need to address the illegal export of Nigerian gold to the UAE. Emphasizing the necessity for a regulatory framework and collaboration within the mining sector, both parties expressed optimism about enhancing economic ties and maximizing the benefits of legitimate trade. The establishment of a technical committee marks a significant step towards addressing illegal mineral trade and promoting a sustainable partnership, which will benefit both nations.

Original Source: punchng.com