Schools Charging Fees in Foreign Currency Should Be Shut Down — Alake

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.

Speaking during the Nigeria Gold Day Celebration at the 10th edition of the Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance” Alake described the practice as an economic loophole undermining the country’s financial stability.

He said, “I will be proposing to the Federal Executive Council that any school in Nigeria charging tuition in foreign currencies should be closed. These are the kinds of leakages weakening our economy, yet many people overlook their impact.”

The minister explained that such schools contribute to the rising demand for foreign exchange, thereby putting pressure on the naira.

“If a parent in Abuja or Lagos pays $10,000 or £10,000 in tuition, they have to buy dollars with naira, increasing demand for foreign currency. Yet, these schools are in Nigeria. You cannot go to the UK, open a school, and charge in naira. It’s only in this country that such contradictions exist” Alake stated.

He added that the Federal Government is introducing digital systems to seal loopholes in the gold value chain, eliminate manual transactions, and curb corruption. These reforms, he said, will strengthen Nigeria’s gold trade and boost its contribution to national economic growth.

Alake also highlighted the National Gold Purchase Programme (NGPP), implemented through the Solid Minerals Development Fund (SMDF), as part of the government’s strategy to grow foreign reserves and stabilise the naira.

He explained that under the NGPP an initiative of the Presidential Artisanal Gold Mining Programme the government purchases gold directly from artisanal miners in naira, reducing the need for foreign currency transactions.

In her remarks, the Executive Director of the SMDF, Fatima Shinkafi, said gold exploration in Nigeria is witnessing steady growth, contrary to global trends. She encouraged investors and stakeholders to explore opportunities in the sector, positioning Nigeria as a leading destination for junior miners.

“We urge participants to examine Nigeria’s vast gold potential and support the minister’s efforts. By 2025, Nigeria’s Gold Day could mark a turning point for our mining industry” Shinkafi said.

The Nigeria Mining Week, held from October 13 to 15, is organised by the Miners Association of Nigeria in collaboration with PricewaterhouseCoopers and the VUKA Group.