The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned that Nigeria risks repeating the costly mistakes of its oil economy if it continues to rely heavily on foreign infrastructure for storing and processing its data, instead of harnessing the economic value of its expanding digital sector.
Speaking in Uyo, Akwa Ibom State, while delivering the convocation lecture titled ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation’ at the University of Uyo, Oyedele recalled that exporting crude oil and importing refined petroleum products deprived Nigeria of substantial domestic value, expertise, and employment opportunities, stressing that the country must not allow a similar pattern to emerge in the digital economy.
He maintained that the scale of the opportunity is already evident, citing Nigerian Communications Commission (NCC) figures showing that Nigeria had more than 157 million active internet subscriptions as of May 2026. However, he highlighted an estimate by the Nigeria Data Protection Commission (NDPC) that over 90 per cent of the country’s data is hosted abroad.
According to a statement signed by Efe Ovuakporie, the minister observed that such dependence comes at a considerable economic cost, including 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.
The statement noted that the minister explained that digital sovereignty entails a country’s ability to determine, under its own laws, how its data is collected, stored, accessed, and utilised. He clarified that this does not mean shutting Nigeria out of the global digital economy, but ensuring that its participation advances national interests.
He 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.
Speaking on artificial intelligence, Oyedele highlighted its growing capacity to reshape employment and redefine the skills required in the emerging economy. He charged the graduating students to embrace AI and other emerging technologies while retaining their independent judgement, critical thinking, creativity, empathy, and integrity.
He also enjoined young Nigerians to be circumspect about their conduct in the digital space, noting that their online footprints increasingly influence their personal and professional reputations. Their posts, comments, and reactions, he said, could shape how employers, institutions, and society perceive them.
The statement added that the minister counselled 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. He equally drew attention to the capacity of artificial intelligence to amplify misinformation, impersonation, and intellectual dishonesty, making ethical conduct and public trust increasingly important.
Turning to the role of universities, Oyedele charged higher institutions to move beyond the traditional conferment of certificates and position themselves as centres of innovation, entrepreneurship, ethical leadership, and practical problem-solving.
He argued that their relevance should also be measured by the problems their alumni solve, the commercial enterprises they establish, and the tangible contributions they make to their host communities.
The minister identified agriculture, energy, healthcare, marine resources, environmental management, and digital services as sectors offering significant opportunities for innovation and enterprise, calling on universities to equip students with practical knowledge and technical skills to pioneer solutions in these fields.
He 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 the 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’ the statement noted.