Nigeria seeks to enhance trade relations with the UAE in the solid minerals sector, addressing illegal gold trade and promoting legitimate commerce through collaboration and a new regulatory framework.
Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, is advocating for enhanced trade relations with the United Arab Emirates (UAE), with a focus on the solid minerals sector. In a recent meeting with UAE Ambassador Salem Shaeed Al Shamsi, Alake stressed the importance of the existing 50-year connection between the two nations and highlighted illegal gold trade as a significant concern. He proposed collaborative efforts to combat illicit gold trafficking and create a regulatory framework to legitimise the trade, ultimately benefitting both parties. Ambassador Al Shamsi reaffirmed the UAE’s commitment to strengthening bilateral ties, noted recent improvements in visa regulations, and announced an upcoming Nigeria-UAE economic forum aimed at increasing Foreign Direct Investments (FDI) in Nigeria. A technical committee will be formed by both nations to explore strategies for addressing illegal mineral trade and fostering legitimate business growth.
The solid minerals sector in Nigeria has significant untapped potential. However, illegal mining activities, particularly gold smuggling to countries like the UAE, hinder economic growth. Establishing a robust regulatory framework and bilateral cooperation can help mitigate these issues and enhance trade.
The meeting between Nigeria’s Minister of Solid Minerals Development and the UAE Ambassador underscores the importance of collaboration to combat illegal mining and promote legitimate trade. The formation of a technical committee signifies a proactive approach towards developing effective regulatory measures, aiming to strengthen economic ties and attract foreign investment.
Original Source: von.gov.ng