The Zamfara State Government has sealed N5billion gold supply deal with the Central Bank of Nigeria (CBN).
Briefing Journalists on Tuesday in Gusau, the Zamfara State Capital, the Governor, Bello Matawalle explained that the State Government is determined to diversify its economy.
Matawalle also used the opportunity to present the 31-kilogramme Zamfara processed gold, adding that the State Government would, at an agreed time during the year, supply the gold equivalent of the amount.
He said: “Following the global acceptance of the high quality of the gold from the state, the apex bank approached us with the deal, which we believe is a good business”.
“At the moment, we have commenced our gold reserve with this 31 kilogramme of pure gold and I have presented the sample of the commodity to the president.
Matawalle added:“This is the first time, in the history of our country, that a state will discover its internal potential in gold and channel it in developing the economy of the state.”
He said that the state’s gold reserve would be deposited in an undisclosed designated place, which could be utilised in times of need.
“We have to diversify our state economy, especially with the bitter economic experience we went through as a result of the COVID-19 pandemic, collapse in oil prices and other economic uncertainties cutting across the globe.
“In gold however, we expect better and higher returns than in other stocks because there is higher multiplier effect in gold and it will enhance the gains of our local miners towards the attainment of the Zamfara of our dream.”
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