Nigerian gold smuggled to UAE, says Alake

The Minister of Solid Minerals Development, Dele Alake, has revealed that gold mined in Nigeria is being illegally exported to the United Arab Emirates. He emphasized that this substantial illegal trade hampers potential partnerships for economic advancement.

To address this challenge, Alake has advocated for stronger trade relations between Nigeria and the UAE, particularly in the solid minerals sector.

During a meeting with UAE Ambassador to Nigeria, Ambassador Salem Al Shamsi, in Abuja on Tuesday, Alake reflected on the rich, over 50-year relationship between the two nations and stressed the importance of enhancing cooperation in mining.

He remarked, “The mining sector presents significant opportunities for collaboration. While there is a notable amount of gold trade, much of it occurs illegally, with a large quantity of Nigerian gold ending up in the UAE without authorization.”

Alake proposed developing strategies to combat illegal gold exports and creating a regulatory framework that would legitimize this trade, thereby allowing both countries to benefit fully.

According to a statement from Segun Tomori, the Senior Special Assistant on Media to the Minister, Alake pointed out Nigeria’s vast reserves of highly sought-after minerals and noted that the UAE, as a key player in mineral trade, could greatly benefit from a strengthened partnership in this area.

Additionally, the minister expressed interest in collaborating with the UAE to facilitate technology transfer aimed at advancing Nigeria’s mining industry.

In response, Al Shamsi reaffirmed the UAE’s commitment to deepening its longstanding relationship with Nigeria, highlighting recent developments such as the easing of visa restrictions and the signing of a Memorandum of Understanding between UAE firms and Nigeria through the Solid Minerals Development Fund.

“The easing of visa application restrictions and the launch of a new visa application site reflect my country’s commitment to enhancing bilateral relations,” Al Shamsi noted.

He also announced an upcoming Nigeria-UAE economic forum to be held in Nigeria, which will see participation from 30 to 35 major companies from the Middle East and UAE, aimed at increasing Foreign Direct Investment in Nigeria.

To combat the illegal mineral trade and promote legitimate business practices, both nations agreed to form a technical committee to explore collaborative strategies.