The Minister of Solid Minerals Development, Dele Alake, has said gold mined in the country is being exported illegally to the United Arab Emirates (UAE).
He stated that the significant volume of this illegal gold trade undermines the potential for a partnership aimed at economic growth.
To solve this issue, the minister has made a case for enhanced trade relations between Nigeria and the United Arab Emirates, emphasising solid minerals.
Speaking while receiving the UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in his office in Abuja on Tuesday, Alake reflected on the historical significance of the over 50-year robust relationship between the two nations.
He emphasised the need to deepen these ties through expanded trade in the mining sector.
“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 legitimises this trade, allowing both countries to maximize their benefits”, the minister stated.
A statement by the Senior Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori, on Tuesday in Abuja stated that Alake highlighted Nigeria’s wealth of globally sought-after minerals and noted that the UAE, as a major hub for mineral trade, stands to gain from a strengthened partnership in the mining sector.
The minister also expressed interest in partnering with the UAE to transfer technology to advance Nigeria’s mining sector.
In his remarks, Al Shamsi affirmed the UAE’s commitment to reinforcing its longstanding relationship with Nigeria, citing the recent resolution of visa restrictions and the signing of a Memorandum of Understanding between UAE companies and Nigeria via the Solid Minerals Development Fund.
“The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations”, Al Shamsi asserted.
He also announced an upcoming Nigeria-UAE economic forum set to take place in Nigeria, featuring participation by 30 to 35 major companies from the Middle East and UAE, aimed at boosting Foreign Direct Investments in Nigeria.
To address illegal mineral trade and promote legitimate commerce, both nations agreed to establish a technical committee to explore collaboration strategies.
