Concerns Raised Over Illegal Gold Exports from Nigeria to UAE
Dele Alake, the Nigerian Minister of Solid Minerals Development, has highlighted the illegal exportation of gold to the UAE, calling for strengthened trade relations and a regulatory framework to combat this issue. Ambassador Salem Al Shamsi confirmed the UAE’s commitment to enhancing bilateral ties and announced an upcoming economic forum aimed at promoting trade and investments.
Dele Alake, the Minister of Solid Minerals Development, has raised concerns regarding the illegal exportation of gold mined in Nigeria to the United Arab Emirates (UAE). He articulated that this rampant illegal trade not only undermines potential economic partnerships but also hinders the growth of Nigeria’s mining sector. Speaking during a meeting with the UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in Abuja, Alake highlighted the importance of strengthening the long-standing relationship between the two nations, particularly in the solid minerals sector. Alake noted, “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.” He proposed strategies to combat the illegal gold trade and advocated for the establishment of a regulatory framework that would facilitate legitimate trade, ensuring mutual benefits for both countries. Furthermore, he mentioned Nigeria’s abundant mineral resources and how the UAE, being a major hub for mineral trading, could benefit from an enhanced partnership. Additionally, Alake expressed a desire for collaboration in areas such as technology transfer to advance Nigeria’s mining capabilities. Ambassador Al Shamsi reaffirmed the UAE’s commitment to fostering its relationship with Nigeria, citing recent policy changes, including the lifting of visa restrictions and the signing of a Memorandum of Understanding between UAE enterprises and Nigeria’s Solid Minerals Development Fund. The ambassador announced plans for an upcoming Nigeria-UAE economic forum, which will showcase participation from 30 to 35 leading companies from the Middle East and UAE, aimed at boosting Foreign Direct Investments into Nigeria. In a concerted effort to address the challenges posed by illegal mineral trade and encourage legitimate commerce, both nations have agreed to form a technical committee tasked with exploring collaborative strategies.
The issue of illegal gold mining and trade is a significant concern for many countries, including Nigeria. Despite being rich in natural resources, illegal export activities deprive nations of considerable revenue and hinder legitimate business operations. The UAE, recognized as a central hub for mineral trade, plays a crucial role in these transactions. Strengthening trade relations while addressing illegal mining activities is essential for maximizing economic benefits and fostering partnerships between nations.
In conclusion, the discussion between Minister Dele Alake and UAE Ambassador Salem Al Shamsi emphasized the pressing issue of illegal gold trade from Nigeria to the UAE. Both parties recognized the need for a robust partnership in the mining sector, proposing measures to curb unlawful practices while promoting legitimate trade. The commitment shown by both nations to enhance bilateral relations and explore technology transfer illustrates potential pathways for future economic development.
Original Source: punchng.com
