- Practice of charging foreign currency fees as a significant economic “leakage and loophole”
- The amount of foreign currency leaving the economy for these schools is “humongous.”
- Explore Nigeria’s gold opportunities to make the country a premier destination for miners
The Minister of Solid Minerals Development, Dr. Dele Alake, strongly called for the closure of Nigerian schools that charge tuition fees in foreign currencies, such as dollars or pounds.
Eko Hot Blog gathered that during the Nigeria Gold Day Celebration in Abuja, Minister Alake criticized the practice of charging foreign currency fees as a significant economic “leakage and loophole” that severely threatens Nigeria’s growth.
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He revealed that he will submit a proposal to the Federal Executive Council to close these institutions. Alake argued that the amount of foreign currency leaving the economy for these schools is “humongous.”
He pointed out that when parents pay $10,000 or £10,000 for local schooling, they must buy foreign currency with Naira, which artificially inflates the dollar’s value. He contrasted this with the fact that schools in the UK do not charge in Naira.
The Minister also outlined steps the Federal Government is taking to secure the gold value chain. The government is introducing digital mechanisms to block all leakages and loopholes in the gold sector, which will reduce corruption and position Nigerian gold as a global means of exchange.
The National Gold Purchase Programme (NGPP), managed by the Solid Minerals Development Fund (SMDF), supports this goal. Alake explained that the NGPP allows the government to buy gold directly from artisanal miners using Naira, thus shoring up foreign reserves and strengthening the national currency.
The SMDF Executive Director, Fatima Shinkafi, encouraged investors to explore Nigeria’s gold opportunities to make the country a premier destination for miners.
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