Strengthening Nigeria-UAE Trade Relations in Solid Minerals
The Minister of Solid Minerals Development, Dele Alake, is advocating for enhanced trade between Nigeria and the UAE, focusing on solid minerals. During his meeting with UAE Ambassador Salem Shaeed Al Shamsi, he highlighted the need to combat illegal gold trade and proposed the establishment of a regulatory framework to optimize benefits for both countries. Plans for a Nigeria-UAE economic forum aimed at boosting foreign investment were also announced.
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 focusing on the solid minerals sector. During an audience with the UAE Ambassador to Nigeria, Ambassador Salem Shaeed Al Shamsi, Minister Alake underscored the historical significance of the robust relationship that has developed over the last 50 years and emphasized the necessity of strengthening these ties through increased trade in mining. 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.” A statement released by Segun Tomori, the Senior Special Assistant on Media to the Minister, conveyed that Alake reiterated Nigeria’s vast reserves of globally sought-after minerals and noted that the UAE stands to benefit as a major trading hub by strengthening partnerships within the mining industry. Furthermore, the Minister expressed a desire to collaborate with the UAE in the area of technology transfer to enhance Nigeria’s mining sector. Ambassador Al Shamsi confirmed the UAE’s commitment to solidifying its longstanding relationship with Nigeria, referencing recent developments such as the resolution of visa restrictions and the signing of a Memorandum of Understanding (MOU) between UAE companies and Nigeria through the Solid Minerals Development Fund (SMDF). He stated, “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, he announced an impending Nigeria-UAE economic forum that will occur in Nigeria, aiming to attract participation from 30 to 35 major companies from the Middle East and UAE, thereby increasing Foreign Direct Investments (FDI) in Nigeria. To combat the illegal mineral trade and strengthen legitimate business transactions, both nations have resolved to set up a technical committee tasked with exploring strategies for collaboration.
The relationship between Nigeria and the UAE has historical roots that extend over five decades, characterized by economic cooperation and diplomatic engagement. The solid minerals sector in Nigeria presents significant untapped potential, particularly with the country’s rich deposits of minerals, including gold. However, illegal trade practices have undermined the sector, necessitating efforts to develop robust regulatory frameworks that can maximize lawful trade benefits for both nations. The UAE serves as a central hub in mineral trade, offering a strategic partner for Nigeria to refine its approach to solid minerals commerce. Furthermore, the interest in technology transfer indicates a pathway for Nigeria to enhance its mining operations through international collaboration.
In summary, Minister Dele Alake’s recent discussions with UAE Ambassador Salem Shaeed Al Shamsi underscore a strategic initiative to bolster trade relations between Nigeria and the UAE in the solid minerals sector. The emphasis on addressing illegal gold trade and fostering legitimate commerce, coupled with opportunities for technology transfer, highlights the potential for fruitful collaboration. The commitment from both nations, alongside forthcoming economic forums, is set to pave the way for increased investment and strengthened bilateral relations.
Original Source: tribuneonlineng.com
