Nigeria and UAE Seek Stronger Trade Ties in Solid Minerals
Minister Dele Alake has called for improved trade relations between Nigeria and the UAE, particularly in solid minerals. During a meeting with the UAE Ambassador, he proposed strategies to combat illegal gold trade and enhance collaboration. Both parties expressed commitment to strengthen their partnership, with upcoming forums aimed at boosting investments and the establishment of a technical committee to explore trade strategies.
The Minister of Solid Minerals Development, Dele Alake, has advocated for the enhancement of trade relations between Nigeria and the United Arab Emirates (UAE), particularly in the realm of solid minerals. During a meeting with Ambassador Salem Shaeed Al Shamsi, the UAE Ambassador to Nigeria, Mr. Alake underscored the historical ties that have existed for over fifty years between the two nations, calling for a more profound partnership via increased trade within the mining sector. He pointed out that while there is already significant trade in gold, much of it is illegal, with Nigerian gold frequently entering the UAE unlawfully. To address this issue, Mr. Alake proposed the joint development of strategies aimed at curbing illegal gold trade and establishing a regulatory framework to legitimize this commerce, thus enabling both countries to reap maximum benefits. Highlighting Nigeria’s abundant resources of highly desirable minerals, he noted the UAE’s position as a critical hub for mineral commerce, suggesting that strengthening their partnership could be mutually advantageous. Additionally, Mr. Alake expressed a desire to collaborate with the UAE on technology transfer that would foster advancements in Nigeria’s mining sector. In response, Ambassador Al Shamsi reaffirmed the UAE’s dedication to nurturing its relationship with Nigeria, mentioning recent improvements such as the resolution of visa restrictions and the signing of a Memorandum of Understanding between UAE firms and Nigeria, facilitated by the Solid Minerals Development Fund (SMDF). Ambassador Al Shamsi 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.” He also announced an upcoming Nigeria-UAE economic forum scheduled to occur in Nigeria, which will see participation from 30 to 35 major companies from the Middle East and UAE, aiming to boost Foreign Direct Investments (FDI) in Nigeria. To tackle illegal mineral trade and promote legitimate commerce, both nations have agreed to form a technical committee to explore potential collaborative strategies.
The relationship between Nigeria and the UAE has a rich history spanning over fifty years, characterized by diplomatic and economic engagements. Recently, there has been an increased focus on the solid minerals sector, which presents extensive opportunities for trade expansion. The illegal gold trade, where Nigerian gold reportedly enters the UAE unlawfully, poses significant challenges that both nations are eager to address through cooperation and regulatory measures. Enhancing trade ties symbolizes not only mutual economic benefit but also the desire to enhance legitimate business practices within the mining realm.
The discussions between Nigeria and the UAE, led by Minister Dele Alake and Ambassador Salem Shaeed Al Shamsi, highlight a significant move towards strengthening bilateral trade in the mining sector. With plans to curb illegal gold trade and collaborate on technology transfer, both nations stand to benefit immensely from a more structured and regulated trade environment. The forthcoming economic forum represents a pivotal step in fostering deeper economic ties and encouraging Foreign Direct Investment in Nigeria, signifying a commitment to advancing their longstanding relationship.
Original Source: www.premiumtimesng.com
