By Abba Kabara, Gusau.
Zamfara state government has established a beacon for the anticipated economic breakthrough through the creation of Gold reserves asset as a guaranteed commodity for currency exchange.
The governor of the state, Hon. Bello Muhammad Matawalle who discloses this in a press briefing today, said the establishment of the gold reserve is the first of its kind in the whole federation.
He said he wants inform the nation and the world at large of his strategic decision on the opening of the gold reserve and the multiple benefits that will accrue to the citizens of the state and the future generation.
“This strategic decision is part of the efforts designed to prop up the economy of the state and guarantee the economic and social wellbeing of our people now and in the future”, he stressed. .
For a start he said his government has purchased 31 kilograms of gold, which according to him, was “wholly mined and processed by our artisanal miners”, adding that his administration will subsequentlycontinue to buy gold from local miners to gradually improve the reserve”. giving the assurance that the precious metal would be deposited in a designated bank.
Matawalle reasons that though Zamfara state like other states of the federation is grappling with competing demands from the public when the resources at government disposal are meagre, “we feel it is of utmost significance to invest in the future of our people”
He recalls that one of the lessons we have learnt from the global COVID-19 pandemic is the lack of resilience of the oil market in the wake of a crisis that affects industrial production, viewing that the recent collapse of the oil market has further shown the need to diversify the nation’s economy to safeguard against uncertainties of the market economy.
On this premise, governor Matawalle pointed out that the establishment of the gold reserve by his administration was part of the relentless efforts to diversify the state’s economy through the exploration and exploitation of economic potentials of the state and utilizing them for the benefit of both the present and future generations.
” It is a novelty which we believe has a better guarantee of returns compared to financial equities such as stocks”, said the governor.
He reminds that before the onslaught of the pandemic of COVID-19, he participated in the Africa Business Roundtable, held on the sidelines of the United Nations General assembly, in New York, in September 2019.
In addition he said, he visited Russia and China, where he held several fora with prospective investors in the critical sectors of Zamfara state economic potentials, disclosing that while some investors have already started preparations to operate in the state, “it is pathetic to note that the pandemic has generally affected the movement of capital and stalled efforts to attract investors.
He however assured the people of the state that as soon as the situation improves better, intensified efforts will be geared towards attracting the much-needed investments, more especially “into our mining and agricultural sectors where our state has a proven comparative advantage” he emphasized .
Governor Matawalle further explains that the. gold reserve programme of his administration would no doubt have numerous multiplier benefits in the short and the long run, part of which it will empower the artisanal miners who are often shortchanged by the merchants who sponsor their operations.
It is also expected to 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.
