The Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of Nigerian schools charging tuition fees in foreign currencies, describing the practice as a damaging economic loophole.
Speaking on the sidelines of the 10th edition of Nigeria’s Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance,” Alake condemned the practice as a significant leakage undermining Nigeria’s economic growth.
“I will be proposing to the Federal Executive Council that all schools charging fees in foreign currencies should be shut down. This is one of the leakages and loopholes in our economy that many overlook,” he said.
Alake highlighted the enormous foreign exchange outflow caused by such payments. “If a child in Abuja or Lagos pays £10,000 or $10,000 in school fees, parents must buy those dollars with naira, pushing up the dollar’s value. You can’t open a school in the UK and charge fees in naira. But in Nigeria, these contradictory practices harm the economy.”
The minister also detailed the government’s efforts to curb leakages in the gold sector through digital measures, aiming to reduce corruption and strengthen Nigeria’s position in the global gold market.
He noted the National Gold Purchase Programme (NGPP), run through the Solid Minerals Development Fund (SMDF), as a key initiative to bolster Nigeria’s foreign reserves and stabilize the naira by purchasing gold from artisanal miners directly in naira, avoiding foreign exchange costs.
Echoing this optimism, Fatima Shinkafi, Executive Director of SMDF, said Nigeria’s gold exploration funding is rising, unlike global trends. She urged stakeholders to capitalize on Nigeria’s gold potential and support efforts to make the country a leading destination for junior miners.
“We hope that Nigeria’s Gold Day 2025 will mark a pivotal turning point,” Shinkafi said.
The Nigeria Mining Week, held from October 13 to 15, is organised by the Miners Association of Nigeria in partnership with PricewaterhouseCoopers and the VUKA Group.
