- Minister Dele Alake raised concerns about illegal gold exports to the United Arab Emirates (UAE)
- The Minister called for collaborative strategies to regulate gold trade and benefit both countries
- Ambassador Al Shamsi supported the establishment of a technical committee to promote legitimate trade
Dele Alake, the Minister of Solid Minerals Development, has raised alarms regarding the illegal export of Nigerian gold to the United Arab Emirates (UAE), suggesting that stronger trade regulations and partnerships are needed to tackle this issue.
This was disclosed during a meeting with the UAE Ambassador to Nigeria, Salem Al Shamsi, in his Abuja office on Tuesday, October 29, where Alake spoke about the historical significance of the strong relationship that has lasted over 50 years between the two nations among others.
Minister Alake calls for strategies to regulate gold trade
"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," Alake stated.
The minister urged the development of collaborative strategies to regulate the gold trade, aiming to benefit both countries.
“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 stated.
Reflecting on the extensive 50-year relationship between the two nations, Alake emphasised how vital UAE support is for the expansion of the mining sector.
Agreements between UAE, Nigeria to be supported by solid minerals fund
Alake, as reported by his media aide Segun Tomori, stated that transferring technology from the UAE would significantly boost Nigeria's mining capabilities.
Responding positively, Ambassador Al Shamsi highlighted the recent establishment of a technical committee aimed at supporting legitimate trade while curtailing illegal exports.
He also pointed out the recent progress in visa regulations between the two countries, mentioning that, “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations.”
The ambassador pledged to strengthen the UAE-Nigeria relationship, stating that new agreements between UAE companies and Nigeria would be supported through the Solid Minerals Development Fund.
FG halts exportation of cooking gas to prioritise local supply
Meanwhile, TheRadar earlier reported that the Federal Government had announced a ban on the export of domestically produced cooking gas, effective November 1, 2024.
The decision was aimed at prioritising local consumption and came in response to the rising costs of gas impacting Nigerian households.