Schools charging fees in foreign currencies should be shut down, says Minister Dele Alake, calling the practice a major economic loophole

Schools charging fees in foreign currencies in Nigeria should face closure, according to Minister of Solid Minerals Development, Dr Dele Alake, who has labelled the practice a damaging loophole in the country’s fragile economy.

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Speaking on Wednesday at the Nigeria Gold Day Celebration, a key feature of the 10th Nigeria Mining Week in Abuja, Alake criticised local educational institutions that accept pounds or dollars for tuition, describing the trend as not only unacceptable but economically reckless.

“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,” Alake said pointedly.

He decried the demand this practice places on Nigeria’s forex market, particularly among wealthy families paying £10,000 or $10,000 for education in cities like Abuja and Lagos.

Such behaviour, he said, artificially drives up demand for foreign currencies, weakens the naira, and constitutes a form of unchecked capital flight.

“You can’t go to the UK, open a school, and charge in naira — it’s not done. Yet we allow such contradictions here that quietly erode our economy,” he argued.

Alake’s strong words come at a time when the Federal Government is rolling out digital and institutional reforms aimed at plugging financial leakages, especially within the gold mining sector.

He said measures were underway to block informal and corrupt practices in the gold value chain through initiatives like the National Gold Purchase Programme (NGPP).

Through NGPP, the government now buys gold directly from artisanal miners in naira, helping to build reserves and reduce reliance on foreign exchange markets.

Also speaking at the event, Fatima Shinkafi, Executive Director of the Solid Minerals Development Fund (SMDF), said Nigeria was witnessing an encouraging shift in gold exploration funding, even as global investments slow.

She urged the mining community to support Nigeria’s transition from a resource-rich nation to a value-added hub, positioning gold as a strategic financial asset.

“Let’s make Gold Day 2025 the point at which Nigeria truly pivots to global relevance,” Shinkafi said.

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The Nigeria Mining Week, held from October 13 to 15, is organised by the Miners Association of Nigeria, in collaboration with PwC and VUKA Group, and is seen as a flagship event driving conversation around resource-led economic transformation.

Alake urges closure of schools charging foreign fees

Alake urges closure of schools charging foreign fees