Concerns Raised Over Illegal Gold Trade from Nigeria to UAE and…

Dele Alake, the Nigerian Minister of Solid Minerals Development, voiced concerns about illegal gold exports to the UAE during a meeting with Ambassador Salem Al Shamsi. Alake proposed strengthening trade relations between the two countries to combat this issue and promote legitimate commerce in the mining sector. The UAE Ambassador highlighted recent advancements in bilateral relations, including a forthcoming economic forum with major investment opportunities.

Dele Alake, the Minister of Solid Minerals Development in Nigeria, has raised concerns regarding the illegal exportation of gold mined in Nigeria to the United Arab Emirates (UAE). He indicated that this substantial amount of illicit gold trade not only contravenes legal frameworks but also hinders the possibility of forging advantageous economic collaborations between the two nations. During a meeting with Ambassador Salem Al Shamsi of the UAE in Abuja, Minister Alake highlighted the historical ties that have marked their relationship for over 50 years. He underscored the potential for enhancing trade relations specifically within the mining sector, stating, “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.” To address these challenges, Minister Alake proposed the establishment of a regulatory framework that would legitimize trade in minerals, thereby enabling both Nigeria and the UAE to fully harness the benefits. He also emphasized Nigeria’s rich deposits of valuable minerals and expressed a desire to facilitate technology transfer to elevate Nigeria’s mining industry. Ambassador Al Shamsi reaffirmed the UAE’s commitment to further strengthening their bilateral relations and noted recent advancements such as the resolution of visa restrictions and a Memorandum of Understanding established between UAE and Nigerian enterprises through the Solid Minerals Development Fund. He asserted, “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations.” Furthermore, he announced an upcoming Nigeria-UAE economic forum slated to occur in Nigeria, which is expected to feature participation from 30 to 35 major companies from the Middle East and the UAE, directed towards amplifying foreign direct investments in Nigeria. Both nations have agreed to form a technical committee tasked with developing strategies to combat illegal mineral trade and to promote legal commercial activities.

The article addresses the illegal gold trade between Nigeria and the United Arab Emirates, highlighting the significant volume of gold mined in Nigeria that is reportedly exported unlawfully to the UAE. The discussion involves the recognition of Nigeria’s substantial mineral wealth and the importance of solidifying trade relations to foster economic growth. The establishment of a regulatory framework aimed at legitimizing this trade is proposed by Minister Dele Alake as a solution to current challenges, indicating a willingness for collaboration between the two nations to explore mutual benefits in the mining sector.

In conclusion, the dialogue between Nigerian officials and the UAE Ambassador underscores the critical need to curtail illegal gold exports from Nigeria while fostering a legitimate framework for trade. By reinforcing their long-standing relationship and pursuing joint ventures in the mining sector, both countries stand to benefit significantly. The establishment of a technical committee indicates a proactive approach towards addressing illegal activities and enhancing bilateral trade.

Original Source: punchng.com