Nigeria and the UAE are collaborating to enhance trade in solid minerals, focusing on combatting illegal gold trade and establishing regulatory frameworks. The partnership underscores the historical ties between the nations and anticipates increased foreign investment through an upcoming economic forum.
Nigerian Minister of Solid Minerals Development, Dr Dele Alake, has announced a partnership with the United Arab Emirates (UAE) to enhance trade in solid minerals. This development follows a courtesy visit from UAE Ambassador to Nigeria, H.E. Salem Shaeed Al Shamsi. Both leaders acknowledge the rich historical ties between Nigeria and the UAE over the past 50 years, aiming to deepen their connection through mining trade expansion. During the meeting, Alake pointed out Nigeria’s vast mineral resources and the UAE’s strategic position as a mineral trading hub. He stressed the importance of tackling illegal gold trade, which sees a significant amount of Nigerian gold being smuggled into the UAE. Together, they propose to create a regulatory framework to legitimise this trade and secure benefits for both countries. Alake also expressed interest in technological cooperation to enhance the Nigerian mining industry. Ambassador Al Shamsi highlighted the UAE’s dedication to strengthening relations with Nigeria, noting the recent easing of visa restrictions and the signing of a Memorandum of Understanding between UAE firms and Nigeria’s Solid Minerals Development Fund (SMDF). He announced an upcoming Nigeria-UAE economic forum in Nigeria, which will see participation from 30 to 35 major Middle Eastern companies to stimulate foreign direct investment in Nigeria. Both nations are set to form a technical committee to address illegal mineral trading and promote legitimate business opportunities.
The partnership between Nigeria and the UAE marks a significant shift towards strengthening economic ties beyond the oil sector, focusing now on solid minerals. With Nigeria being rich in various sought-after minerals, there are ample opportunities for growth in the mining industry. The UAE, acting as a major player in the global mineral trade, presents a strategic opportunity for Nigeria to expand its market and legitimise its mineral trade operations, particularly gold, which has been associated with illegality. Recent diplomatic moves, including easing visa restrictions, signal a commitment to enhancing bilateral relations and fostering an environment conducive to trade and investment. The upcoming economic forum is poised to attract foreign investments and facilitate collaboration in the mining sector.
The collaboration between Nigeria and the UAE represents a promising step towards expanding trade in solid minerals, focusing on combating illegal activities while enhancing legitimate commerce. This partnership not only aims to leverage Nigeria’s mineral wealth but also strengthens the historical ties between the two nations, setting the stage for increased foreign investment and technology transfer in Nigeria’s mining industry.
Original Source: www.vanguardngr.com