Dele Alake, Nigeria’s Minister of Solid Minerals Development, advocates for stronger trade relations with the United Arab Emirates (UAE) particularly in the mining sector. During a meeting with UAE Ambassador Salem Shaeed Al Shams, Alake stressed the importance of a collaborative approach to tackling illegal gold trade, which currently sees much Nigerian gold entering the UAE unlawfully.

He pointed out Nigeria’s wealth in valuable minerals and the potential benefits of the UAE’s role as a mineral trade hub. Alake proposed working together to create strategies and a regulatory framework to ensure that both nations can profit legally from this trade, enhancing mutual benefits.

Al Shamsi confirmed the UAE’s commitment to deepening ties with Nigeria, highlighting the removal of visa restrictions and a recent MOU between Emirati companies and Nigeria through the Solid Minerals Development Fund (SMDF). He also announced an economic forum set to be held in Nigeria with participation from 30 to 35 major Middle Eastern and Emirati companies, aimed at attracting Foreign Direct Investments (FDI).

To further combat illegal trading and enhance legitimate commerce, both countries agreed to form a technical committee to explore collaboration strategies. A statement from Segun Tomori, aide to the Minister, emphasised this commitment to cooperative efforts in the mining sector.

The article focuses on the relationship between Nigeria and the UAE, particularly looking at trade in the solid minerals sector, which is crucial for economic development. With significant illegal gold trading concerns, the ministers aim to establish a legal framework to enhance trade practices and benefit both countries. The initiative is part of a broader effort to strengthen bilateral relations and increase foreign investments in Nigeria.

The meeting between Alake and Al Shamsi signifies strong bilateral interest in solid mineral trade. By addressing illegal activities and fostering legitimate commerce, Nigeria and the UAE can enhance their economic relationship. Upcoming forums and agreements indicate a robust commitment to advancing trade ties and investments in Nigeria.

Original Source: businessday.ng

The post Nigeria and UAE Strengthen Mining Trade Relations first appeared on Nigerian Mining News.

The House of Representatives in Nigeria has urged the Federal Government to boost funding for lithium exploration. This call arose from a motion adopted during a plenary session, sponsored by Victor Obuzor, highlighting the significant price rise of high-quality lithium carbonate, which shifted from $5,180 in 2010 to $46,000 in 2023. Obuzor noted that neglecting lithium’s potential could mirror past errors in the oil and gas sector, where only upstream value is pursued.

The motion emphasized the need for improved funding for the Nigerian Geological Survey Agency to enhance mineral mapping and surveys for lithium deposits. Obuzor indicated that significant lithium-bearing minerals have been found in various states, yet there remains no clear estimate of the nation’s reserves. The House expressed concerns about the lack of investment in lithium mining, despite the Solid Minerals Development Fund being established for this purpose.

Following the motion’s adoption, Speaker Tajudeen Abbas advised the creation of the Nigerian Lithium Production Agency to develop a comprehensive lithium industry and its regulatory framework. Moreover, there will be an audit of the Solid Minerals Development Fund to ensure proper utilisation of resources. Nigeria’s mining sector, once a significant contributor to the economy, now only accounts for less than 0.8% of GDP, mainly due to the dominance of oil and gas development.

Lithium is a critical mineral for renewable energy technologies, yet Nigeria’s potential remains largely untapped. The country’s mining sector is historically significant but has diminished over the years as oil and gas became predominant. Recently, global demand for lithium has surged, leading to increased prices, which may incentivise investment in local exploration initiatives. Effective mining and exploration strategies are essential for rejuvenating this sector and boosting economic growth.

The Nigerian House of Representatives has highlighted the urgent need for increased funding towards lithium exploration and development, recognising the substantial economic benefits that this could bring. By pushing for enhanced geological surveys and the establishment of dedicated agencies, the House aims to unlock Nigeria’s lithium potential, which is critical amidst a global shift towards renewable energy sources. Acknowledging past mistakes in the oil sector, the government is urged to strategically invest in the lithium industry for sustainable economic growth.

Original Source: punchng.com

The post Nigerian House Advocates for Enhanced Funding in Lithium Exploration first appeared on Nigerian Mining News.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has advocated for stronger trade relations between Nigeria and the UAE, particularly in the mining sector. During a meeting with UAE Ambassador Salem Shaeed Al Shamsi, Alake highlighted the historical relationship spanning over 50 years and the potential for expanding trade in solid minerals. Alake pointed out that while gold trade exists between the two countries, much of it is illicit. He proposed collaborating to combat illegal gold trading and to devise a regulatory framework that would legitimise this trade to benefit both nations. He also noted Nigeria’s vast mineral wealth and the UAE’s role as a central hub in mineral commerce, emphasising the mutual advantages of a closer partnership. Ambassador Al Shamsi reaffirmed the UAE’s commitment to enhancing its longstanding relations with Nigeria, referring to recent developments such as lifting visa restrictions and signing a Memorandum of Understanding (MOU). He announced an upcoming Nigeria-UAE economic forum in Nigeria with participation from numerous major UAE companies to boost Foreign Direct Investments (FDI). Both nations agreed to form a technical committee aimed at tackling illegal mineral trade and promoting legitimate business practices.

The mining sector is crucial for both Nigeria and the UAE, with Nigeria possessing various valuable minerals and the UAE serving as a key trading hub. Over the last fifty years, the two countries have developed a significant bilateral relationship that can be further enhanced through strategic collaboration in legitimate mineral trade. Alake’s focus on combating illegal activities in the gold market and fostering legitimate trade underlines the importance of a structured regulatory approach.

The meeting between Dr. Alake and Ambassador Al Shamsi marks a pivotal step in solidifying Nigeria-UAE relations, especially in the mining sector. The proposed collaboration aims to legalise gold trading and promote investment opportunities, indicating a bright future for trade between the two nations.

Original Source: freedomonline.com.ng

The post Nigeria and UAE Look to Strengthen Trade in Mining Sector first appeared on Nigerian Mining News.