The Minister of Solid Minerals Development, Dele Alake, has revealed that gold mined in Nigeria is being illegally exported to the United Arab Emirates.
Alake explained that this extensive illegal trade is hampering a potential economic partnership between Nigeria and the UAE, particularly in solid minerals.
To counteract this challenge, the minister advocated for strengthened trade relations with the UAE, stressing the importance of cooperation in Nigeria’s mining sector.
While hosting the UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in Abuja on Tuesday, Alake acknowledged the historical importance of the over 50-year robust relationship between the two countries. He underscored the need to deepen these ties by expanding trade in mining.
“In the mining sector, we see significant opportunities for collaboration. 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.
“We propose working together to develop strategies to curb illegal gold trade and establish a regulatory framework that legitimises this trade, allowing both countries to maximize their benefits,” Alake stated.
In a statement issued in Abuja by Segun Tomori, the Senior Special Assistant on Media to the Minister of Solid Minerals Development, Alake also highlighted Nigeria’s abundance of globally sought-after minerals and pointed to the UAE’s position as a major mineral trade hub, suggesting that both nations could benefit from a stronger mining partnership.
The minister further indicated a willingness to collaborate with the UAE on technology transfer to advance Nigeria’s mining sector.
In response, Al Shamsi affirmed the UAE’s commitment to enhancing its longstanding relationship with Nigeria, referencing the recent resolution of visa restrictions and a newly signed Memorandum of Understanding between UAE companies and Nigeria through the Solid Minerals Development Fund.
“The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations,” Al Shamsi said.
He further announced a forthcoming Nigeria-UAE economic forum, set to take place in Nigeria, which will include participation from 30 to 35 major companies from the Middle East and UAE, aiming to drive Foreign Direct Investments into Nigeria. To address the issue of illegal mineral trade and promote legitimate commerce, both countries agreed to form a technical committee to explore collaborative strategies.