The Minister of Solid Minerals Development, Dr. Dele Alake, has called on the Federal Government to close down schools in Nigeria that demand tuition fees in foreign currencies, describing the practice as detrimental to the nation’s economy and the value of the naira.
Alake made the call during the Nigeria Gold Day Celebration, held alongside the 10th edition of Nigeria’s Mining Week in Abuja. The event, themed “Nigeria Mining: From Progress to Global Relevance,” highlighted the country’s efforts to strengthen its mining sector.
The minister criticised the growing trend among some private schools that demand payment in dollars or pounds, saying it directly fuels pressure on the naira.
“I will propose to the Federal Executive Council that all schools in Nigeria charging fees in foreign currencies should be closed,” Alake declared. “These are among the leakages and loopholes weakening our economy that many do not take seriously.”
He explained that parents sourcing foreign currencies locally to pay school fees inadvertently drive up demand for the dollar.
“If your child attends a school in Abuja or Lagos and pays ₤10,000 or $10,000, you’ll need naira to buy those currencies, pushing the dollar up,” he said. “You can’t go to the UK and establish a school charging naira — it’s not done anywhere else.”
Alake urged Nigerians to re-evaluate their values and focus on activities that contribute to national growth and productivity.
Curbing Gold Sector Leakages
The minister also revealed that the Federal Government is deploying digital mechanisms to block revenue leakages in Nigeria’s gold value chain. He said the new systems would curb manual transactions, enhance transparency, and boost Nigeria’s global reputation in the gold trade.
“The Federal Government is introducing various digital measures to ensure all leakages in the gold value chain are sealed,” Alake noted, adding that the move would reduce corruption and position Nigeria’s gold as a credible global asset.
He explained that the government is implementing the National Gold Purchase Programme (NGPP) through the Solid Minerals Development Fund (SMDF). The initiative, part of the Presidential Artisanal Gold Mining Initiative (PAGMI), allows the government to buy gold directly from artisanal miners using naira instead of foreign currency—helping to strengthen foreign reserves and stabilise the naira.
Rising Gold Investment
The Executive Director of the SMDF, Hajia Fatima Shinkafi, also shared that investment in gold exploration in Nigeria is increasing, even as global funding slows.
“Within the broader macroeconomic context, gold serves as a safe-haven asset. We encourage participants to explore Nigeria’s gold opportunities,” she said.
Shinkafi added that with continued reforms and investor confidence, the 2025 Gold Day could mark a defining moment for Nigeria’s mining industry.
