The Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of schools in Nigeria that charge tuition fees in foreign currencies, describing the practice as harmful to the nation’s economy.
Alake made this remark on Wednesday in Abuja during the Nigeria Gold Day Celebration, held alongside the 10th edition of Nigeria’s Mining Week, themed “Nigeria Mining: From Progress to Global Relevance.”
He condemned the trend, calling it one of the “economic leakages and loopholes” undermining Nigeria’s financial stability.
“I am still going to make a proposal to the Federal Executive Council that all schools in Nigeria charging tuition fees in foreign currencies should be closed,” Alake declared.
He explained that the practice fuels the demand for foreign exchange, putting unnecessary pressure on the naira.
“If your child is attending a school in Abuja or Lagos and you’re paying $10,000 or £10,000 in fees, you’ll have to exchange naira for dollars — and that drives up the value of the dollar.
You can’t go to the UK, establish a school, and start charging naira — it’s not done. It’s only in this country we see contradictions that weaken our economy,” he said.
The minister noted that the Federal Government is taking steps to seal leakages across the gold value chain through digital tracking systems and other reforms aimed at improving transparency and curbing corruption.
According to him, these measures would enhance Nigeria’s gold trade, strengthen the naira, and help build foreign reserves.
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He highlighted the National Gold Purchase Programme (NGPP) — implemented through the Solid Minerals Development Fund (SMDF) — as a major initiative designed to allow the government to buy gold directly from artisanal miners in naira, rather than spending foreign currency on international purchases.
In her remarks, Fatima Shinkafi, Executive Director of the SMDF, said Nigeria’s gold exploration sector is growing steadily despite global challenges.
She encouraged investors and industry stakeholders to explore the country’s gold resources and support the government’s vision of making Nigeria a major destination for junior miners.
“Gold has always been a safe-haven asset globally. We urge everyone here to tap into Nigeria’s gold opportunities and contribute to the minister’s efforts to reposition the sector.
By next year’s Gold Day, we want to look back at 2025 as the turning point for Nigeria’s gold industry,” she added.
