Nigeria’s gold is being illegally smuggled to the UAE, undermining potential economic partnerships. Minister Dele Alake urges enhanced trade relations and strategies to address this issue. Both nations agreed to form a technical committee to combat illegal trade and promote legitimate commerce.
Dele Alake, Nigeria’s Minister of Solid Minerals Development, revealed that a large volume of gold mined in Nigeria is being unlawfully exported to the United Arab Emirates (UAE). He expressed concerns that this illegal trade is detrimental to potential partnerships aimed at fostering economic growth. During a meeting with UAE Ambassador to Nigeria, Salem Al Shamsi, Alake stressed the importance of enhancing trade relations between the two countries, particularly in the mining sector. He noted, “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 combat this issue, Alake proposed the establishment of strategies to curb illegal gold trade and develop a regulatory framework that would legitimise the trade, benefiting both nations. Alake emphasised Nigeria’s rich mineral resources, which could be mutually beneficial for the UAE, a significant hub for mineral trade. He also indicated interest in technology transfer to improve Nigeria’s mining resilience. In response, Ambassador Al Shamsi confirmed the UAE’s commitment to strengthening ties with Nigeria, citing recent developments such as eased visa restrictions and bilateral agreements to enhance investment. Both officials agreed to form a technical committee to explore cooperative strategies addressing illegal mineral commerce. Furthermore, an upcoming Nigeria-UAE economic forum is set to see participation from numerous companies from the Middle East, aimed at increasing foreign investments in Nigeria.
The article discusses the illegal export of Nigerian gold to the UAE, highlighting the impact this has on potential economic partnerships. The Nigerian government aims to formalise this trade and tackle challenges in the mining sector. Increasing collaboration with the UAE, which serves as a significant market for minerals, is seen as a pivotal step for Nigeria’s economic growth. This context is vital to understand the broader implications of illegal trade and the opportunities for legitimate commerce between Nigeria and the UAE.
In summary, the illegal mining and export of gold from Nigeria to the UAE pose significant challenges to economic collaboration. Dele Alake has proposed stricter regulatory measures and strategic partnerships to tackle this problem, while reaffirming the historical ties between both nations. The formation of a technical committee and upcoming economic forum could pave the way for more legitimate trade opportunities between Nigeria and the UAE.
Original Source: punchng.com