Mining Sector discussions highlighted a meeting between Nigeria’s Minister of Solid Minerals Development, Dele Alake, and UAE Ambassador Salem Shaeed Al Shams.
For Alake, emphasis is on boosting trade and combating illegal gold trading, while Al Shams harps on the UAE’s commitment to strengthening ties through eased visa restrictions and an upcoming economic forum.
It was a significant meeting held in Nigeria’s capital.
Experts say it could reshape the nation’s mining sector.
Specifically, the Minister of Solid Minerals Development, Dele Alake, welcomed Shaeed Al Shams, the UAE Ambassador to Nigeria.
During their discussion, they focused on enhancing trade relations between Nigeria and the UAE, a partnership that has thrived for over fifty years.
Alake articulated a bold vision for collaboration.
He pointed out that “while there was considerable trade in gold, much of it remained illegal, with significant Nigerian gold ending up in the UAE unlawfully”.
Therefore, he emphasised the need to develop strategies to combat this illegal trade and create a regulatory framework that would legitimise transactions, allowing both nations to maximise their benefits.
Read Also; IFC And CBN Join Forces To Strengthen Local Currency Support For Private Sector Financing
In response, Ambassador Al Shams acknowledged the challenges and highlighted the UAE’s commitment to strengthening ties with Nigeria.
He noted that the lifting of visa restrictions and a recent Memorandum of Understanding (MOU) between UAE companies and Nigeria through the Solid Minerals Development Fund (SMDF) weree signs of progress.
Consequently, both leaders agreed to establish a technical committee to tackle the illegal mineral trade and promote legitimate commerce.
Moreover, they announced an upcoming Nigeria-UAE economic forum in Nigeria, featuring 30 to 35 major companies from the Middle East and UAE, aimed at boosting Foreign Direct Investments (FDI) in Nigeria.
Ultimately, their shared commitment marked the beginning of a transformative chapter in their bilateral relationship.
