The Minister of Solid Minerals Development, Dr. Dele Arake, has sought to strengthen trade ties between Nigeria and the United Arab Emirates (UAE), particularly in the solid minerals sector.
He made the call during a meeting in the office of UAE Ambassador Salem Shayed Al Shamsi, underscoring the more than 50 years of ties between the two countries.
“We see great opportunities for cooperation in the mining sector. Although there is considerable gold trading, much of it is still illegal and a large portion of Nigeria’s gold flows illegally into the UAE. We propose to work together to develop a strategy to curb illicit gold trade, legalize this trade and establish a regulatory framework that will maximize the benefits for both countries,” the Minister said. .
To address this, Dr. Alake proposed a joint effort to develop strategies to curb illicit gold trade and establish a regulatory framework to legalize this trade.
Dr. Alek cited great opportunities for growth and highlighted the potential for cooperation in the mining sector.
The UAE Ambassador expressed determination to strengthen bilateral relations, noting the recent resolution of visa restrictions and the signing of a Memorandum of Understanding (MOU) between UAE companies and Nigeria through the Solid Minerals Development Fund (SMDF). .
Ambassador Al Shamsi asserted that “the lifting of visa application restrictions and the launch of a new visa application website demonstrate our country’s dedication to the development of bilateral relations.”
He also announced that the Nigeria-UAE Economic Forum will be held in Nigeria with the participation of 30 to 35 major companies from the Middle East and UAE with the aim of promoting foreign direct investment (FDI) into Nigeria.
To combat illegal mineral trade and promote legal commerce, the two countries agreed to establish a technical committee to consider cooperation strategies.
Hauwa Abu
