As the non-oil sector gains prominence in international trade, Nigeria and the United Arab Emirates (UAE) are taking significant steps to enhance collaboration in the solid minerals sector. This initiative was announced by the Minister of Solid Minerals Development, Dr. Dele Alake, following a courtesy visit from the UAE Ambassador to Nigeria, H.E. Salem Shaeed Al Shamsi.
Historical Partnership and Trade Expansion
Dr. Alake reflected on the historical significance of the over 50-year relationship between Nigeria and the UAE, emphasizing the need to deepen these ties through expanded trade in mining. He noted Nigeria’s vast reserves of globally sought-after minerals and highlighted the UAE’s status as a major hub for mineral trade.
“The mining sector presents significant opportunities for collaboration. While there is considerable trade in gold, much of it remains illegal, with a large portion of Nigerian gold unlawfully ending up in the UAE,” Alake stated. He proposed developing strategies to combat illegal gold trade and establishing a regulatory framework to legitimize this trade, enabling both nations to maximize their benefits.
Technology Transfer and Regulatory Framework
In addition to trade discussions, Dr. Alake expressed interest in partnering with the UAE on technology transfer to advance Nigeria’s mining sector. This collaboration aims to improve mining practices and enhance the efficiency of the sector.
UAE’s Commitment to Strengthening Relations
Ambassador Al Shamsi reaffirmed the UAE’s commitment to reinforcing its longstanding relationship with Nigeria. He noted the recent resolution of visa restrictions and the signing of a Memorandum of Understanding (MoU) between UAE companies and Nigeria via the Solid Minerals Development Fund (SMDF). “The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations,” he said.
Upcoming Economic Forum
Ambassador Al Shamsi also announced an upcoming Nigeria-UAE economic forum scheduled to take place in Nigeria. This event is expected to feature participation from 30 to 35 major companies from the Middle East and UAE, aimed at boosting Foreign Direct Investments (FDI) in Nigeria.
This initiative reflects a strong commitment from both countries to foster economic growth and collaboration in the solid minerals sector, leveraging Nigeria’s rich mineral resources and the UAE’s trade expertise.
