Nigeria, UAE Agree To Gold Trade Expansion
Nigeria and the UAE have agreed to deepen their gold trade cooperation considering the quantum of the commodity traded between both countries.
The countries re-committed to the agreement at a meeting between the Minister of State for Mines and Steel Development, Abubakar Bawa Bwari, and the Under-secretary for foreign Trade, UAE Ministry of Economy, Abdullah Al Saleh, on the sidelines of the Dubai Annual Investment Meeting.
President Muhammadu Buhari had recently visited Dubai where talks on trade expansion was deliberated on by both country’s leaders.
Speaking at the meeting between the ministers, Abdullah Al Saleh, noted that although Nigeria remains a major supplier of gold to the Dubai market, there was however, room for expansion.
He commended Nigeria’s participation at the 9th annual Investment Meeting on Digital Identity, Digital Trade and Digital Economy and called for a level playing field so that all countries will find such a trade mutually beneficial.
Bwari while speaking at the panel on Digital Trade, explained the extent to which Nigeria mining sector is being digitally prepared to take advantage of the benefits and gains of the digital economy which was already worth $11 trillion by 2016.
He also expounded on the amazing potentials in the solid minerals sector and how Nigeria’s quest for diversification is hampered by poor technological growth, noting however, that the government has made real progress in that direction.
Already, the Ministry has been digitalising its agencies, especially the Mining Cadastre Office, which has made mining licenses easier to get. Following the digitalisation, investors would soon be able to process mining licenses from the comfort of their homes.
Bwari also spoke of the mammoth exploration work going on in the country to provide accurate and reliable data of minerals for investors saying the time to invest in Nigeria’s mining sector, is now.
The panel however, agreed that while Africa stands to benefit massively from the digital revolution, it was clear that there are challenges which range from poor infrastructure, limited capacity to exploit opportunities, cyber security and weak regulatory framework, which the continent needs to overcome.