Nigeria’s Minister of Solid Minerals Development, Dele Alake, has called on the federal government to shut down private schools that demand tuition payments in foreign currencies, describing the practice as a significant contributor to economic instability and a threat to the naira’s value.

Speaking Wednesday at the Nigeria Gold Day Celebration, held alongside the 10th Nigeria Mining Week in Abuja, Alake criticized the growing trend of schools billing in U.S. dollars or British pounds—sometimes as high as $10,000 per term—as a hidden driver of foreign exchange pressure. He argued that such demands force parents to seek hard currency unnecessarily, inflating demand and undermining Nigeria’s monetary sovereignty.

“These are some of the leakages and loopholes in our economy that people do not take seriously,” Alake said. He contrasted Nigeria’s tolerance for foreign-denominated fees with the unlikelihood of a UK school accepting naira, calling the practice “a contradiction that demolishes the economy.”

Alake highlighted the National Gold Purchase Programme (NGPP), operated through the Solid Minerals Development Fund (SMDF), as a model for domestic value retention. Under the NGPP, the government purchases gold from artisanal miners using naira, then transfers the gold to the Central Bank to bolster foreign reserves. “We use our naira and get naira back… the gold itself becomes foreign reserves for the bank,” Alake explained, positioning the initiative as a strategic response to Nigeria’s $33 billion reserve challenge amid a 2025 budget deficit.

SMDF Executive Director Fatima Shinkafi echoed the minister’s optimism, noting that Nigeria’s gold exploration funding is rising despite global slowdowns. She encouraged investors to explore the country’s mining potential, framing Nigeria as an emerging magnet for global capital.