The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has urged Nigeria to strengthen its digital infrastructure and local technology capacity to prevent the country from losing the economic value of data generated by its citizens to foreign technology providers.
Oyedele warned that Nigeria’s growing dependence on foreign digital infrastructure could undermine its economic competitiveness, job creation and technological independence if urgent investments were not made in local innovation, data management and technical expertise.
He made the call while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, on the theme, “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation.”
This was contained in a statement issued by Maryann Duke, Senior Special Assistant, Communications and Press Secretary to the Minister of Finance.
The Minister identified data as a strategic national asset, cautioning that Nigeria risked becoming merely a consumer of technologies developed elsewhere while valuable information generated by its citizens was processed and monetised outside the country.
Citing figures from the Nigerian Communications Commission, Oyedele disclosed that Nigeria had more than 157 million active internet subscriptions as of May 2026, generating valuable data across critical sectors, including payments, healthcare, education and taxation.
He, however, noted that estimates by the Nigeria Data Protection Commission indicated that as much as 90 per cent of the country’s data was hosted outside Nigeria, a situation he said had implications for foreign exchange outflows, employment opportunities, skills development and national control over citizens’ information.
While Highlighting the economic benefits of digital transformation, Oyedele said improved technology-driven systems, particularly electronic invoicing, had contributed to the collection of a record N33 trillion in government revenue between January and October 2026.
He described the development as evidence of how digital solutions could improve revenue administration, strengthen public sector efficiency and enhance the government’s capacity to mobilise resources.
Drawing a comparison with Nigeria’s historical dependence on imported refined petroleum products, the Minister warned against allowing the digital economy to follow a similar trajectory, where locally generated resources were processed abroad before Nigerians paid to access the resulting services.
He called for deliberate investment in domestic digital infrastructure, technical expertise and predictable regulatory frameworks to enable the country to retain more economic value from its data.
Oyedele, however, clarified that digital sovereignty should not be interpreted as technological isolation but as Nigeria’s ability to participate meaningfully in the global digital economy from a position of strength.
He said achieving this would require local talent, competitive businesses, effective institutions, international partnerships and robust cybersecurity systems.
Addressing the graduating students, the Minister challenged them to move beyond consuming technology and embrace innovation by developing solutions, businesses and intellectual property capable of addressing Nigeria’s economic and social challenges.
He described artificial intelligence as both a major disruption and an opportunity, urging the graduates to acquire emerging digital skills while developing essential human qualities such as critical thinking, creativity, sound judgment, empathy and integrity.
The Minister also warned that digital footprints were increasingly becoming part of individuals’ professional identities, noting that online behaviour could influence employment opportunities, business partnerships and professional credibility.
He urged young Nigerians to embrace responsible digital citizenship, engage constructively in online discussions and distinguish intellectual confidence from hostility.
According to him, integrity remains an important economic asset because trust is fundamental to investment, business relationships and institutional credibility.
Oyedele further challenged Nigerian universities to reposition themselves as centres of innovation, entrepreneurship and practical problem-solving through stronger collaboration among academia, government and industry.
He identified agriculture, energy, healthcare, marine resources, environmental sustainability and digital services as critical areas where universities could contribute more directly to national productivity.
He maintained that the performance of higher institutions should no longer be measured solely by the number of graduates produced or research publications released, but also by the innovations developed, businesses established and practical challenges addressed through academic research.
The Minister outlined five commitments for the graduating students: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in national development.
He urged them to deploy their education towards creating opportunities, improving lives and contributing to Nigeria’s progress.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” Oyedele told the graduating students.
He charged them to become a generation of innovators and solution providers who would combine ambition with integrity and use technology to advance national development.
