Dele Alake, the Minister of Solid Minerals Development, has raised alarms about the illegal exportation of Nigerian gold to the United Arab Emirates (UAE). He emphasized the need for strengthened trade relations and regulatory measures to address this growing concern.
In a meeting held in Abuja with Salem Al Shamsi, the UAE Ambassador to Nigeria, Alake discussed the importance of developing robust legal frameworks to combat the issue. He noted that while there is a significant trade in gold between the two nations, a considerable amount is exported illegally, with a large volume of Nigerian gold ending up in the UAE without proper authorization.
“In the mining sector, there are substantial opportunities for partnership,” Alake stated. “However, we must address the illegal gold trade that is prevalent. We are eager to work on strategies that will regulate this trade to benefit both countries.”
Alake proposed collaborative efforts to create a regulatory framework that would legitimize gold trading between Nigeria and the UAE. “Such measures would allow us to maximize the economic benefits for both nations,” he added.
Reflecting on the longstanding relationship of over 50 years between Nigeria and the UAE, Alake highlighted the significance of cooperation in enhancing Nigeria’s mining sector. His media aide, Segun Tomori, indicated that technology transfer from the UAE could significantly boost Nigeria’s mining capabilities.
Ambassador Al Shamsi responded favorably, mentioning the recent formation of a technical committee dedicated to promoting legitimate trade and reducing illegal exports. He also pointed to improvements in visa policies between the two countries, stating, “The removal of visa application restrictions and the introduction of a new visa application website reflect my country’s commitment to strengthening our bilateral relations.”
The ambassador assured that the UAE aims to deepen its partnership with Nigeria, with plans for new agreements between UAE businesses and Nigeria facilitated through the Solid Minerals Development Fund.
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