The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that Nigeria risks repeating the economic mistakes of its oil-dependent past if it continues to rely on foreign countries for data storage and processing.
Oyedele said the country must take deliberate steps to harness the economic benefits of its growing digital economy by investing in local infrastructure, developing indigenous expertise and strengthening domestic businesses.
He gave the warning on Wednesday in Uyo, Akwa Ibom State, while delivering a convocation lecture titled “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation” at the University of Uyo.
The Minister recalled that Nigeria’s dependence on exporting crude oil while importing refined petroleum products had resulted in the loss of significant domestic value, employment opportunities and technical expertise.
He cautioned that the country must not allow a similar situation to develop in the digital economy by exporting its data for processing and storage abroad.
Citing figures from the Nigerian Communications Commission (NCC), Oyedele disclosed that Nigeria had more than 157 million active internet subscriptions as of May 2026.
However, he expressed concern that more than 90 per cent of the country’s data is hosted outside Nigeria, according to estimates by the Nigeria Data Protection Commission.
He explained that the situation results in foreign exchange outflows, limits opportunities for local technology businesses and professionals, and exposes Nigerian data to foreign laws and jurisdictions.
According to him, digital sovereignty means having the capacity to determine, through national laws and institutions, how a country’s data is collected, stored, accessed and utilised.
He clarified that digital sovereignty does not mean isolating Nigeria from the global digital economy but ensuring that its participation protects and advances the country’s national interests.
Oyedele therefore called for strategic investments in domestic digital infrastructure, stronger regulatory institutions and the development of local expertise to transform data into valuable products and services within the country.
On the growing influence of artificial intelligence, the Minister urged graduates to embrace emerging technologies while maintaining critical thinking, creativity, independent judgement, empathy and integrity.
He noted that artificial intelligence was increasingly reshaping employment opportunities and the skills required to remain relevant in the evolving global economy.
The Minister also cautioned young Nigerians against irresponsible behaviour on social media, stressing that their digital footprints increasingly influence their personal and professional identities.
He explained that online posts, comments and reactions could shape how employers, institutions and members of society perceive individuals.
Oyedele advised graduates to disagree respectfully, challenge ideas rather than attack individuals, and recognise that online attention does not necessarily translate into respect, popularity into credibility or virality into meaningful value creation.
He further warned that artificial intelligence could be used to spread misinformation, impersonate individuals and promote dishonesty, making ethical conduct and public trust increasingly important.
Turning to the responsibilities of universities, Oyedele urged higher institutions to move beyond the traditional role of awarding certificates and become centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.
He maintained that the relevance of universities should also be measured by the problems their graduates solve, the businesses they establish and their contributions to societal development.
He identified agriculture, energy, healthcare, marine resources, environmental management and digital services as sectors with significant opportunities for innovation, investment and enterprise.
The Minister called on universities to equip students with practical knowledge and relevant skills to develop solutions that address challenges in these sectors.
He outlined five key responsibilities for graduating students: commitment to lifelong learning, value creation, integrity, responsible digital citizenship and active participation in nation-building.
Oyedele emphasised that Nigeria’s digital future would depend not only on technology and infrastructure but also on the values, decisions and capabilities of the people driving its development.
He challenged the graduates to see themselves as active participants in shaping the country’s future, quoting renowned management thinker Peter Drucker as saying: “The best way to predict the future is to create it
