- The Zamfara state government is making efforts to diversify its economy
- The government led by Bello Matawalle has already established a gold reserve for the state
- Governor Matawalle has revealed that CBN will give the Zamfara government N5 billion to supply gold to the apex bank
The Central Bank of Nigeria (CBN) will give the Zamfara state government N5 billion to supply gold to the apex bank, Governor Bello Muhammad Matawalle, has disclosed, adding that his administration had established a gold reserve for the state.
Daily Trust quoted the governor saying:
“This strategic decision is part of the effort to prop up the economy of the state and guarantee the economic and social wellbeing of our people now and in the future. It is also the first of its kind by any state in the federation.
“For a start, we have purchased 31 kilogrammes of gold, wholly mined and refined by our 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.
“Even though our state like other states of the federation is grappling with competing demands from the public and the resources at our disposal are meagre, we feel it is of utmost significance to invest in the future of our people.”
He further explained that the recent collapse of the oil market had further shown the need to diversify the state’s economy as a safeguard from the uncertainties of the market.
Gold is the most valuable resource in Nigeria apart from oil and gas. Gold production in Africa alone accounts for approximately 21% of the world total, and Nigeria seeks to join this market.
Gold is commonly used for jewellery, dentistry, scientific and electronic instruments, computers circuitry, as an electrolyte in the electroplating industry, and also in many applications in the aerospace/ defence industry and as well as a host of other applications.
Legit.ng had reported that Governor Matawalle on Tuesday, August 25 revealed that foreigners are exchanging arms for gold and other precious mineral resources in his state.
The governor made the revelation while answering questions from State House correspondents after visiting President Muhammadu Buhari.
Governor Matawalle had presented some gold bars and other precious stones mined in Zamfara to the president during his visit.
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