The Minister of Solid Minerals Development, Dr. Dele Alake, has urged the Federal Government to close schools in Nigeria that demand tuition payments in foreign currencies, describing the practice as a drain on the national economy and a factor weakening the naira.
Speaking at the Nigeria Gold Day Celebration, held alongside the 10th edition of Nigeria’s Mining Week in Abuja under the theme “Nigeria Mining: From Progress to Global Relevance”, Dr. Alake criticized schools that charge fees in dollars or pounds while operating within Nigeria.
“I intend to propose to the Federal Executive Council that all schools charging in foreign currencies be closed,” he said. “These are economic leakages and loopholes that many overlook, but they put unnecessary pressure on our currency.”
Dr. Alake explained that parents paying tuition in foreign currencies inadvertently fuel naira depreciation. “If a child attends a school in Abuja or Lagos and pays 10,000 pounds or dollars, the parent must source naira to purchase the foreign currency, which drives up the dollar rate,” he noted. “You wouldn’t establish a school in the UK and charge in naira—it’s only here we see such contradictions harming the economy.”
He urged Nigerians to refocus on productive and value-driven activities that can foster economic growth.
Addressing Leakages in the Gold Sector
Dr. Alake also highlighted measures by the Federal Government to reduce leakages in Nigeria’s gold value chain through digital mechanisms. These initiatives aim to eliminate manual transactions, enhance transparency, and strengthen Nigeria’s position in the global gold market.
“The government is implementing strategies to seal all loopholes and curb corruption in the gold sector,” he said, noting that the National Gold Purchase Programme (NGPP), part of the Presidential Artisanal Gold Mining Initiative (PAGMI), allows direct purchase of gold from artisanal miners in naira instead of foreign currencies, boosting foreign reserves and stabilizing the naira.
Hajia Fatima Shinkafi, Executive Director of the Solid Minerals Development Fund (SMDF), added that gold exploration funding in Nigeria is rising, contrary to global trends where investment has slowed. She encouraged investors to explore the country’s gold resources, describing the 2025 Gold Day as a potential turning point for the sector.
“Gold is a safe-haven asset, and we want Nigeria to be a top choice for new mining investors,” Shinkafi said, endorsing the minister’s vision for a transparent and globally competitive mining industry.
