Dr. Dele Alake, Minister of Solid Minerals Development, has proposed shutting down schools in Nigeria that charge tuition in foreign currencies, labeling the practice a significant economic leakage. Speaking at the Nigeria Gold Day during the 10th Nigeria Mining Week in Abuja, Alake criticized the demand for dollars or pounds for school fees, which he said drives up the dollar’s value and weakens the naira. “You can’t establish a school in the UK and charge in naira; it’s not done,” he remarked, highlighting the economic contradiction.
Alake emphasized that the Federal Government is implementing digital measures to curb leakages in the gold value chain, reducing corruption and positioning Nigeria’s gold as a global medium of exchange. The National Gold Purchase Programme (NGPP), part of the Presidential Artisanal Gold Mining Initiative, enables the government to buy gold from artisanal miners in naira, boosting foreign reserves and strengthening the currency.
Fatima Shinkafi, Executive Director of the Solid Minerals Development Fund, noted that Nigeria’s gold exploration funding is rising, positioning the country as a safe-haven asset and a prime destination for junior miners. The Nigeria Mining Week, held from October 13 to 15, is organized by the Miners Association of Nigeria, PricewaterhouseCoopers, and the VUKA Group.
