Mining Sector: Alake harps on trade expansion between Nigeria, UAE

Dele Alake, the minister of Solid Minerals Development, has made a case for enhanced trade relations between Nigeria and the United Arab Emirates (UAE) with an emphasis on solid minerals.

Speaking when he received in audience, of Salem Shaeed Al Shams,  the UAE Ambassador to Nigeria, in his office, Alake reflected on the historical significance of the over 50-year robust relationship between the two nations, emphasising the need to deepen these ties through expanded trade in the mining sector.

“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,” the minister stated.

Alake highlighted Nigeria’s wealth of globally sought-after minerals and noted that the UAE, as a major hub for mineral trade, stands to gain from a strengthened partnership in the mining sector.

The minister also expressed interest in partnering with the UAE on technology transfer to advance Nigeria’s mining sector.

In his remarks, Al Shamsi affirmed the UAE’s commitment to reinforcing its longstanding relationship with Nigeria, citing the recent resolution of visa restrictions and the signing of a Memorandum of Understanding (MOU) between UAE companies and Nigeria via the Solid Minerals Development Fund (SMDF).

“The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations, Al Shamsi asserted.

He also announced an upcoming Nigeria-UAE economic forum set to take place in Nigeria, featuring participation by 30 to 35 major companies from the Middle East and UAE, aimed at boosting Foreign Direct Investments (FDI) in Nigeria.

To address illegal mineral trade and promote legitimate commerce, both nations agreed to establish a technical committee to explore collaboration strategies a statement signed by Segun Tomori, special assistant on media to the minister of Solid Minerals Development.