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NEWS

Nigeria, UAE collaborate to combat illicit gold trade

October 30, 2024 • 2 min read

October 30, 2024

By Samuel Ogunsona

Nigeria’s Minister of Solid Minerals Development, Dele Alake, has raised concerns about the significant amount of Nigerian gold being smuggled into the United Arab Emirates.

Alake met with UAE Ambassador Salem Al Shamsi in Abuja, emphasizing the need for stronger ties and legal frameworks to combat illegal gold trade.

The illicit trade is estimated to be worth billions, with reports suggesting that up to $35 billion worth of African gold is smuggled annually, mostly to the UAE.

This smuggling not only deprives Nigeria of revenue but also fuels conflict and finances criminal networks.

Alake proposed joint strategies to regulate the gold trade, benefiting both nations.

“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.

He noted that technology transfer from the UAE would greatly enhance Nigeria’s mining potential.

Ambassador Al Shamsi responded positively, affirming the establishment of a technical committee to foster legitimate trade and curb illegal exports. He also emphasized improved visa policies between the two countries, demonstrating the UAE’s commitment to advancing bilateral relations.

Alake underscored the value of UAE cooperation in expanding the mining sector, citing the over 50-year relationship between Nigeria and the UAE.

The UAE’s role in combating smuggled African gold has been questioned, with some reports suggesting that the country serves as a gateway to markets in Europe and the United States. As Nigeria and the UAE strengthen ties, addressing the illicit gold trade will be crucial to maximizing benefits for both nations.

The meeting concluded with a commitment to deepen the UAE-Nigeria relationship, with new agreements between UAE companies and Nigeria set to be facilitated through the Solid Minerals Development Fund.