For the sake of patriotism, would you be willing to contribute your gold to the federal government’s effort to get the economy out of recession?


Adeyemi Dipeolu, special adviser to president Muhammadu Buhari on economic matters, says all hands have to be on deck to effectively tackle Nigeria’s myriad of economic problems.

Preferrably, hands with gold watches, chains and other accessories.

During an interview on Channels Television, Dipeolu used the willing donation of gold by Koreans during the country’s recession of the 90s as an example of all hands being on deck.


What Dipeolu said

“We have to realize that economics is not Physics. You have to think flexibly around economics. You have to realize that certain policies may not give you the desired effects immediately. There may be time lag. There may be geographical differences.

“People character may differ. When Korea faced economic crisis in 1997/98, I saw pictures of women in thousands, coming out and giving their golds to their country so it can be sold so they can get out of this difficulty.


“So there are social dimensions to tackling problems. I think it is important to realize that all hands have to be on deck.”

A better understanding of what Dipeolu meant

During the Asian financial crisis of two decades ago, Koreans donated billions of euros’ worth of gold jewelry to help pay the nation’s International Monetary Fund (IMF) debt.

In January 1998, the government reached out to the country’s citizens to donate their gold jewelry to help repay the loan more quickly.


Millions of Koreans responded to the government’s request and gave out heirlooms, wedding rings, chains, and small gold figures at special collection points.

Athletes also contributed by donating gold medals and trophies.

Three questions

Q1: Is that sense of nationalism and community inherent in Nigerians – enough to make possible, a situation where citizens would voluntarily release their gold to the federal government?


Q2: Can Nigerians, who have suffered decades of bad leadership, let go of jewelry and heirlooms they regard as investment to a government that’s presently unpopular?

Q3: Do Nigerians even have gold lying around at this point in time?

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