Nigeria’s Minister of Solid Minerals Development, Dele Alake, has raised significant concerns over the illegal export of Nigerian gold to the United Arab Emirates (UAE).
During a recent meeting in Abuja with Salem Al Shamsi, the UAE Ambassador to Nigeria, Alake stressed the urgent need for increased trade and regulatory cooperation to tackle the issue.
Alake highlighted the critical opportunities for collaboration within Nigeria’s mining sector, noting that much of the gold trade between the two nations remains unregulated, with substantial amounts of Nigerian gold reaching the UAE through unlawful channels.
“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,” he stated.
The minister proposed a joint initiative to regulate gold trading, arguing that a mutual approach would be advantageous for both nations.
“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 maximise their benefits,” Alake added.
Reflecting on the longstanding relationship between Nigeria and the UAE, which spans over 50 years, Alake acknowledged the pivotal role that UAE’s cooperation could play in enhancing Nigeria’s mining sector.
His spokesperson, Segun Tomori, also noted that Alake underscored the potential benefits of technological advancements from the UAE in boosting Nigeria’s mining capabilities.
Ambassador Al Shamsi responded positively, confirming the formation of a technical committee to address illegal exports and promote legitimate trade practices. He also mentioned recent developments in visa regulations, which he said reflect the UAE’s commitment to strengthening ties with Nigeria. “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 remarked.
The ambassador further pledged to deepen UAE-Nigeria cooperation, pointing to potential new agreements between UAE companies and Nigerian entities facilitated through Nigeria’s Solid Minerals Development Fund.