Finance Minister Taiwo Oyedele has warned that Nigeria risks repeating the mistakes of its oil-dependent economy in the digital sector if it fails to build local capacity to store and process data generated within the country.
Oyedele gave the warning on Wednesday, November 4, 2026, while delivering a convocation lecture titled “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation” at the University of Uyo, Akwa Ibom State. The Federal Ministry of Finance later disclosed the remarks in an official statement.
Key Highlights
- Oyedele warned Nigeria against repeating its oil economy mistakes in the digital sector.
- Nigeria had more than 157 million active internet subscriptions as of May 2026, according to the Nigerian Communications Commission.
- The Nigeria Data Protection Commission estimates that as much as 90 per cent of Nigeria’s data is hosted abroad.
- The minister called for investment in local data infrastructure and stronger digital institutions.
- Graduates were urged to embrace artificial intelligence while developing critical thinking, creativity and integrity.
- Universities were encouraged to focus on innovation, entrepreneurship and practical problem-solving.
Nigeria must build local digital infrastructure
Drawing a comparison between Nigeria’s oil industry and its emerging digital economy, Oyedele recalled how dependence on crude oil exports and imported refined petroleum products led to a loss of domestic value, technical expertise and employment opportunities.
He cautioned that the country must not allow the same pattern to emerge in the digital sector by relying excessively on foreign infrastructure to store and process its data, while missing opportunities to develop local expertise and create economic value.
The minister cited Nigerian Communications Commission figures showing that Nigeria had more than 157 million active internet subscriptions as of May 2026. He also cited Nigeria Data Protection Commission estimates that as much as 90 per cent of the country’s data is hosted outside Nigeria.
According to Oyedele, this dependence carries economic consequences, including foreign exchange outflows for offshore data storage and processing, fewer opportunities for local businesses and professionals, and exposure of Nigerian data to foreign laws and jurisdictions.
He explained that digital sovereignty refers to a country’s ability to determine, under its own laws, how its data is collected, stored, accessed and used. It does not mean isolating Nigeria from the global digital economy, he said, but ensuring that the country’s participation protects and advances its national interests.
Oyedele called for deliberate investment in domestic digital infrastructure, stronger regulatory institutions, and the development of local expertise and businesses capable of transforming data into valuable products and services. The Federal Ministry of Finance’s account of the lecture also details his call for local infrastructure, technical expertise and predictable regulation.
Oyedele urges graduates to embrace artificial intelligence
Addressing the impact of emerging technologies, particularly artificial intelligence, on employment and the skills needed in a changing economy, the minister urged graduates to embrace AI while strengthening human abilities such as independent judgment, critical thinking, creativity, empathy and integrity.
He cautioned young Nigerians against irresponsible conduct online, noting that digital footprints increasingly influence personal and professional identities. Their posts, comments and reactions, he said, can shape how employers, institutions and society perceive them.
Oyedele advised graduates to disagree respectfully, challenge ideas rather than attack individuals, and remember that online attention does not necessarily translate into respect, popularity into credibility or virality into value creation.
He also warned that artificial intelligence could amplify misinformation, impersonation and dishonesty, making ethical conduct and public trust increasingly important in the digital age.
Minister challenges universities to promote innovation
Oyedele urged higher institutions to move beyond the traditional award of certificates and become centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.
He said universities should also be assessed by the problems their graduates solve, the businesses they establish and their contributions to their communities. He identified agriculture, energy, healthcare, marine resources, environmental management and digital services as sectors with significant opportunities for innovation and enterprise.
The minister urged universities to equip students with the practical knowledge and skills needed to develop solutions and create opportunities in those fields.
Oyedele lists five responsibilities for graduates
The minister outlined five responsibilities for graduating students: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in nation-building.
He said Nigeria’s digital future would depend not only on technology and infrastructure but also on the values, choices and capabilities of the people shaping its development. Challenging graduates to take an active role, he quoted management thinker Peter Drucker: “The best way to predict the future is to create it.”
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