Abuja: 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. Alake made this statement while speaking at the Nigeria Gold Day Celebration, which took place on the sidelines of the 10th edition of Nigeria’s Mining Week in Abuja. He identified this practice as one of the economic leakages and loopholes that threaten Nigeria’s economic growth.
According to News Agency of Nigeria, Alake criticized the exorbitant foreign currency fees, highlighting the negative impact on Nigeria’s economy. He illustrated his point by noting that if a child in Nigeria is paying tuition fees of 10,000 pounds or 10,000 dollars, it forces parents to exchange naira for foreign currency, thereby driving up the value of the dollar. Alake emphasized that such practices are not permissible in other countries, like the UK, and should not be allowed in Nigeria either.
He called for a change in the nation’s value system and urged Nigerians to focus on substantial, productive, and regenerative endeavors for national progress. The minister also announced that the Federal Government is implementing various measures, including digital mechanisms, to block all leakages in Nigeria’s gold value chain and seal any loopholes. This effort aims to reduce corruption and position Nigeria’s gold as a global pillar of value exchange.
Further, Alake mentioned the Federal Government’s National Gold Purchase Programme (NGPP), executed through the Solid Minerals Development Fund (SMDF), which aims to enhance Nigeria’s foreign reserves and bolster the naira. The NGPP, part of the Presidential Artisanal Gold Mining Initiative (PAGMI), allows the government to purchase gold directly from artisanal miners in naira, negating the need for foreign exchange.
Hajia Fatima Shinkafi, Executive Director of SMDF, remarked that unlike global trends, Nigeria’s gold exploration funding is on the rise. She encouraged participants at the conference to explore Nigeria’s gold opportunities and support the minister’s initiatives to make Nigeria an attractive destination for junior miners. Shinkafi expressed optimism for Nigeria’s Gold Day 2025 to be a pivotal turning point for the country’s gold industry.
The Nigeria Mining Week, which runs from October 13 to 15, is organized by the Miners Association of Nigeria in collaboration with PricewaterhouseCoopers (PwC) and the VUKA Group.