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ICYMI: Zamfara Govt Seals N5BN Gold Supply Deal With CBN

by on October 7, 2020
 

The Zamfara State Governor, Bello Matawalle Tuesday informed that his administration has sealed a N5billion gold supply deal with the Central Bank of Nigeria (CBN).

Briefing Journalists on Tuesday in Gusau, Matawalle said the move is a determined attempt to diversify Zamfara’s economy.

Matawalle went on to present the 31-kilogramme Zamfara processed gold, stating that the Zamfara 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.”

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“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.”

“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 added.

The governor noted that the state’s gold reserve would be deposited in an undisclosed designation, to be reserved for necessities.

“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.

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“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.”

Meanwhile, The News Agency of Nigeria (NAN) noted that the governor did not state the current market price of gold, not revealed it would cost the state government to buy the 31 kilogramme.

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