Nigeria, UAE to strengthen trade ties in solid minerals sector

Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, has called for enhanced collaboration with the United Arab Emirates (UAE), focusing on the solid minerals sector.

The appeal came during a meeting with UAE Ambassador to Nigeria, Salem Shaeed Al Shamsi, highlighting the historical bond between the two nations that spans over five decades.

Dr. Alake emphasized the potential for increased trade in minerals, particularly gold, which has seen a troubling trend of illegal transactions. “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,” he stated.

The minister proposed the development of strategies to combat illegal gold trade and establish a regulatory framework that would legitimize these transactions, thereby benefiting both countries.

Highlighting Nigeria’s wealth in globally sought-after minerals, Alake noted that the UAE stands to gain significantly from a strengthened partnership in the mining sector. He also expressed interest in technology transfer initiatives that could advance Nigeria’s mining capabilities.

Ambassador Al Shamsi affirmed the UAE’s commitment to enhancing its longstanding relationship with Nigeria. He pointed to the recent lifting of visa restrictions and the signing of a Memorandum of Understanding (MOU) between UAE companies and Nigeria via the Solid Minerals Development Fund (SMDF) as key developments in fostering bilateral relations.

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

Looking ahead, the ambassador announced a forthcoming Nigeria-UAE economic forum scheduled to take place in Nigeria, which will feature participation from 30 to 35 major companies from the Middle East and UAE. This forum aims to promote Foreign Direct Investments (FDI) in Nigeria.

To further address the issue of illegal mineral trade and promote legitimate commerce, both nations have agreed to establish a technical committee tasked with exploring collaborative strategies.