Nigeria, UAE Partner on Gold Trade

Nigeria and the United Arab Emirate (UAE) have agreed to deepen existing mutual cooperation between them and increase gold trade. Mr. Ishaku Kigbu, the Special Assistant on Media to the Minister of State, Mines and Steel Development, made this known in statement on Wednesday in Abuja. Kigbu said that talks on the agreement began following the recent visit of President Muhammadu Buhari to Dubai.

He said the agreement was finally reached at a subsequent meeting between Alhaji Abubakar Bwari, Minister of State, Mines and Steel Development and Abdullah Al-Saleh, Undersecretary for foreign Trade, UAE Ministry of Economy.He said that the event took place on the sidelines of the Dubai Annual Investment Meeting.

According to him, Bwari resolved to forge a closer cooperation considering the quantum of gold traded between both countries.The minister also spoke on how the Nigerian mining sector had been digitally prepared to take advantage of the digital economy which was already worth 11 trillion dollars in 2016.

Kigbu said that the minister also spoke on potential of the mining sector and how Nigeria’s quest for diversification had been hampered by poor technological growth.“Already, the ministry has been digitalising its agencies, especially the Mining Cadastre Office, which has made mining licences easier.

“It will soon be possible for an investor to sit at the comfort of his home and get a mining licence,” the minister said.He said that the minister also spoke on huge exploration work going on in Nigeria to provide accurate and reliable data of minerals for investors, as the best time to invest in the sector is now.

He said that Al Saleh in his response noted that Nigeria remained a major supplier of gold to the Dubai market, adding that there was room for gold trade expansion. Kigbu said that All Saleh also praised Nigeria’s participation at the 9th Annual Investment Meeting on Digital Identity, Digital Trade and Digital Economy and called for a level playing field for all countries for mutual benefits.

Courtesy: journalducameroun