(AGENDAWATCHDOG) – The government ofZamfara State claimed on Monday that it invested in gold, real estate and other endeavors in 2020 to the tune of over N12 billion.
According to the State Government, most of the real estate investment, which are in choice areas of Abuja and other locations, was facilitated through the effort of the State Investment and Property Development Company Limited and the Special Adviser to the Governor on Investment and Public Private Partnerships (PPP), Princess Rabi Ibrahim, who told journalists at a press briefing in Abuja, that the latest acquisition of the State in its real estate investment drive was a functional five star hotel at Wuse II, Abuja at the cost of N1.8 billion, adding that few weeks after the purchase, the property appreciated in value close to N1 billion as it is now worth N2.7 billion.
The Investment Directorate made investments in properties worth over N10 billion, and gold deposits worth N2 billion. The total investment made by the Directorate in the past year and few months was N12.035 billion, and it is still negotiating to acquire more properties for the State at choice locations.
PROJECTED IMPACT: The investments are alternative revenue sources for the state and potential IGR boosters.