The Central Bank of Nigeria (CBN) has concluded plans to release the sum of N5billion to Zamfara State for the purchase of golds. This is just as Governor Bello Mattawale established a gold reserve in the state.
Addressing a press conference held on Tuesday at the Government House Gusau, the governor disclosed that the state would soon establish a gold reserve for Zamfara State.
“This strategic decision is part of the efforts to prop up the economy of the state and guarantee the economic and social wellbeing of our people now and in the future.”
According to him, the state government has purchased 31 kilogrammes of gold wholly mined and refined by artisanal miners.
“We will subsequently continue to buy gold from our local miners so as to gradually improve the reserve. The precious metal would be deposited in a bank.
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“One of the lessons we have learnt from the global COVID-19 pandemic was the lack of resilience of the oil market in the wake of a crisis that affects industrial production.”
He maintained that the recent collapse of the oil market has further shown the need to diversify the economy as a safeguard from the uncertainties of the market.
“Establishment of the gold reserve was part of the relentless efforts by my administration to diversify the state’s economy by exploring all potentials of the state and maximally utilizing them for the benefit of both the present and future generations.”
The governor revealed that reserving gold has a novelty which he believes has a better guarantee of returns compared to financial equities such as stocks.
“I participated at the Africa Business Roundtable which was held on the sidelines of the United Nations General Assembly, in New York, in September 2019. I also visited Russia and China, where I held several fora with prospective investors in the critical sectors of our state’s economy.”
He mentioned that some of the investors have already started preparations to operate in the state.
“It is pathetic, COVID-19 pandemic has generally affected the movement of capital and stalled efforts to attract investors.”
He further explained that the gold reserve programme of the present administration would no doubt have numerous multiplier effects both in the short and the long run.
“Among other things, it will empower our artisanal miners who are often shortchanged by the merchants who sponsor their operations.”
This would also stem the influx of illegal aliens who sponsor illegal mining activities and reduce the export of the commodity by miscreants who use the proceeds of their exports to buy weapons with which trouble is fomented in some parts of the state.
“My central mission in politics is to build a new Zamfara State where peace reigns and economic prosperity brought to the doorsteps of our people. In the pursuit of this noble goal, I assure all that no efforts would be spared.”
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