– Aims to strengthen Nigeria/UAE gold trade ties
Mkpoikana Udoma
Port Harcourt — In a significant move to bolster Nigeria’s economy through its vast solid minerals resources, Dr. Dele Alake, the Minister of Solid Minerals Development, has sought for increased budgetary support to the sector.
Alake speaking at a meeting with the Senate Committee on Solid Minerals, led by Chairman Senator Ekong Sampson, emphasized that the solid minerals sector could play a pivotal role in driving revenue growth and long-term economic sustainability.
The meeting, held at the Ministry’s headquarters in Abuja, focused on the need for a more strategic allocation of funds to the sector, which has the potential to contribute substantially to Nigeria’s non-oil revenue.
The Minister also outlined plans for leveraging Nigeria’s mineral wealth to create jobs, attract investment, and enhance the country’s overall economic stability.
In the same vein, the Minister also held talks with His Excellency Salem Shaeed Al Shamsi, the United Arab Emirates Ambassador to Nigeria, on strengthening trade relations, specifically in the solid minerals sector.
A key issue raised during the meeting was the illegal gold trade, with much of Nigeria’s gold currently being smuggled to the UAE.
Alake proposed that both nations collaborate to combat this illicit trade by creating a regulatory framework that would formalize the gold trade, ensuring its legality and transparency.
He stressed that such collaboration would benefit both Nigeria and the UAE, promoting legitimate commerce and fostering investment in the mining sector.
As part of the discussions, the two parties agreed to establish a technical committee to explore ways to deepen cooperation, particularly in the areas of technology transfer and legal trade practices.
“The goal is to enhance Nigeria’s mining sector, reduce illegal activities, and create a more sustainable and profitable industry for both countries. Working together to combat illegal trade and create a regulatory framework to legitimize this commerce, will benefit both nations.
“Nigeria boasts a wealth of valuable minerals, and I believe that by partnering with the UAE, we can enhance our mining sector through technology transfer and more legitimate trade practices,” Alake said.
