Minister of Solid Minerals Development, Dele Arake, said gold mined in the country was being illegally exported to the United Arab Emirates.
He said the high volume of illicit gold trading was undermining the potential for partnerships aimed at economic growth.
To resolve this issue, the Minister emphasized on solid minerals and advocated strengthening trade ties between Nigeria and the United Arab Emirates.
While receiving the UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in his office in Abuja on Tuesday, Mr Arake reflected on the historical significance of the more than 50 years of strong relations between the two countries.
He emphasized the need to deepen these ties through expanded trade in the mining sector.
“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. “I will.”
In a statement issued in Abuja on Tuesday by the Senior Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori, Arake highlighted Nigeria’s wealth in globally sought-after minerals and said that the United Arab Emirates has As a major trading hub, it could benefit from stronger partnerships in the mining sector.
The Minister also expressed interest in partnering with the UAE in technology transfer to develop Nigeria’s mining sector.
In his remarks, Al Shamsi cited the recent resolution of visa restrictions and the signing of a Memorandum of Understanding between UAE companies and Nigeria through the Solid Minerals Development Fund, which strengthens the UAE’s long-standing relationship with Nigeria. Confirmed commitment.
Al Shamsi asserted that “the lifting of visa application restrictions and the opening of a new visa application website demonstrate our country’s dedication to the development of bilateral relations.”
He also announced the Nigeria-UAE Economic Forum to be held in Nigeria with the participation of 30 to 35 leading companies from the Middle East and the UAE, with the aim of promoting foreign direct investment into Nigeria.
To combat illegal mineral trade and promote legal commerce, the two countries agreed to establish a technical committee to consider cooperation strategies.
