The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that Nigeria could repeat the mistakes of its oil economy if it continues to rely heavily on foreign infrastructure for storing and processing its data. Speaking at the University of Uyo, Oyedele delivered a convocation lecture titled “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation.” He emphasized that the country must harness the economic value of its expanding digital sector.
Oyedele recalled that exporting crude oil and importing refined petroleum products deprived Nigeria of substantial domestic value, expertise, and employment opportunities. He stressed that a similar pattern must not emerge in the digital economy. According to the Nigerian Communications Commission (NCC), Nigeria had over 157 million active internet subscriptions as of May 2026. However, Oyedele highlighted that over 90 percent of the country’s data is hosted abroad, citing an estimate by the Nigeria Data Protection Commission (NDPC).
The minister observed that dependence on foreign infrastructure for data storage and processing comes at a considerable economic cost. These costs include foreign exchange outflows for offshore data hosting and processing, lost opportunities for local businesses and professionals, and the exposure of Nigerian data to foreign laws and jurisdictions. Oyedele emphasized that digital sovereignty entails a country’s ability to determine, under its own laws, how its data is collected, stored, accessed, and utilized.
Oyedele called for deliberate investment in domestic digital infrastructure, stronger regulatory institutions, and the development of local expertise and businesses capable of converting data into valuable products and services within Nigeria. He also discussed the growing capacity of artificial intelligence to reshape employment and redefine the skills required in the emerging economy. Oyedele charged graduating students to embrace AI and other emerging technologies while retaining their independent judgment, critical thinking, creativity, empathy, and integrity.
The minister advised young Nigerians to be circumspect about their conduct in the digital space, noting that their online footprints increasingly influence their personal and professional reputations. He counseled graduates to disagree respectfully, challenge ideas rather than attack individuals, and understand that online attention does not necessarily translate into respect, popularity into credibility, or virality into value creation. Oyedele also highlighted the capacity of artificial intelligence to amplify misinformation, impersonation, and intellectual dishonesty.
Oyedele charged higher institutions to move beyond the traditional conferment of certificates and position themselves as centers of innovation, entrepreneurship, ethical leadership, and practical problem-solving. He identified agriculture, energy, healthcare, marine resources, environmental management, and digital services as sectors offering significant opportunities for innovation and enterprise. Oyedele called on universities to equip students with practical knowledge and technical skills to pioneer solutions in these fields.
The minister outlined five cardinal responsibilities for the graduating class: lifelong learning, value creation, integrity, responsible digital citizenship, and active participation in nation-building. Oyedele stressed that Nigeria’s digital future would depend not only on technology and physical infrastructure but also on the values, choices, and capabilities of the people driving its development. He challenged graduates to see themselves as active contributors to that future, drawing on the words of management thinker Peter Drucker: “The best way to predict the future is to create it.”
Key points
- Nigeria risks repeating costly mistakes of its oil economy by relying heavily on foreign infrastructure for data storage and processing.
- The country must invest in domestic digital infrastructure and develop local expertise to harness the economic value of its expanding digital sector.
- Graduates are advised to embrace emerging technologies, exercise responsible digital citizenship, and contribute to Nigeria's digital future.
