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 on Wednesday at the Nigeria Gold Day Celebration during the 10th edition of the Nigeria Mining Week in Abuja, themed “Nigeria Mining: From Progress to Global Relevance,” Alake condemned the practice, describing it as one of the economic loopholes undermining Nigeria’s growth.
“I am still going to make a proposal to the Federal Executive Council that all those schools in Nigeria that are charging in foreign currencies should be closed,” he said.
“These are some of the leakages and loopholes that exist in our economy that people do not take seriously. If your child attends a school in Abuja or Lagos and pays 10,000 pounds or 10,000 dollars as fees, you will need to buy dollars with naira, thereby driving up the value of the dollar. Yet, these schools are based in Nigeria. You can’t go to the UK, establish a school, and charge in naira. It’s not done. It’s only in this country that we see such contradictions that harm the economy,” he added.
The minister said the Federal Government was putting in place digital measures to block leakages in the gold value chain and curb corruption, thereby strengthening Nigeria’s gold as a viable global asset.
He explained that the National Gold Purchase Programme (NGPP), implemented through the Solid Minerals Development Fund (SMDF), was aimed at boosting the nation’s foreign reserves and supporting the naira.
According to him, the initiative allows the government to buy gold directly from artisanal miners in naira, instead of spending foreign exchange on international gold purchases.
The Executive Director of SMDF, Fatima Shinkafi, noted that, unlike global trends, gold exploration funding in Nigeria was increasing.
She urged investors to explore opportunities in Nigeria’s gold sector and support the government’s efforts to make the country a preferred destination for junior miners.
“We implore everyone here to examine Nigeria’s gold resources and support the minister’s efforts to make Nigeria a premier destination for junior miners. In another year or so, let’s look at Nigeria’s Gold Day 2025 as a pivotal turning point,” she said.
The Nigeria Mining Week, which runs from October 13 to 15, is organised by the Miners Association of Nigeria in partnership with PricewaterhouseCoopers and the VUKA Group.
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