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 an economic sabotage that fuels the depreciation of the naira.
Alake made the call during the Nigeria Gold Day Celebration, held on the sidelines of the 10th edition of Nigeria’s Mining Week in Abuja. The event, themed “Nigeria Mining: From Progress to Global Relevance”, brought together key players in the mining and finance sectors.
The minister condemned the acceptance of foreign currencies by some elite schools, arguing that it contributes significantly to the country’s foreign exchange crisis.
“I am going to propose to the Federal Executive Council that all schools in Nigeria charging in foreign currencies should be closed,” Alake said. “These are some of the leakages in our economy that people don’t take seriously. Imagine a parent paying $10,000 or £10,000 for a school that is located right here in Abuja or Lagos — you’ll be forced to buy dollars, pushing its value up unnecessarily.”
He questioned why such practices are tolerated in Nigeria, noting that no country abroad would allow a Nigerian-owned school to charge in naira.
“You can’t go to the UK and start charging students in naira — it’s not done. Only in Nigeria do we allow practices that undermine our own economy,” he lamented.
Dr. Alake emphasized the need to reform the nation’s value system, saying Nigerians must begin to prioritize productive and regenerative activities that promote national growth.
On developments in the solid minerals sector, the minister revealed that the Federal Government is deploying digital monitoring systems to block leakages in the gold value chain. He said the National Gold Purchase Programme (NGPP), a key component of the Presidential Artisanal Gold Mining Initiative (PAGMI), allows the government to buy gold directly from local miners in naira — a move aimed at strengthening the national currency and boosting foreign reserves.
Executive Director of the Solid Minerals Development Fund (SMDF), Hajia Fatima Shinkafi, noted that gold exploration funding in Nigeria is growing faster than in many other parts of the world.
She encouraged investors to explore Nigeria’s vast gold opportunities, describing Nigeria Gold Day 2025 as “a pivotal turning point” for the nation’s mining sector.
The Nigeria Mining Week is organised by the Miners Association of Nigeria in partnership with PricewaterhouseCoopers (PwC) and the VUKA Group, and runs from October 13 to 15 in Abuja.