Nigeria Must Not Repeat Oil Economy Mistakes in Digital Sector, Oyedele Warns

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that Nigeria risks repeating the mistakes of its oil economy if it continues to depend heavily on foreign infrastructure for data storage and processing.

Oyedele gave the warning on Wednesday 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.
He recalled that Nigeria’s dependence on exporting crude oil and importing refined petroleum products resulted in huge economic losses, including the loss of local expertise, jobs and opportunities.
The Minister cautioned that the country must not allow a similar situation to develop in the digital economy, where much of its data is stored and processed outside its borders.
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 noted that estimates by the Nigeria Data Protection Commission indicated that over 90 per cent of the country’s data is hosted abroad.
According to him, the situation contributes to foreign exchange outflows, limits opportunities for local businesses and professionals, and exposes Nigerian data to foreign laws and jurisdictions.
Oyedele explained that digital sovereignty means having the capacity to determine, under Nigerian laws, how the country’s data is collected, stored, accessed and used.
He clarified that the concept does not mean isolating Nigeria from the global digital economy but ensuring that the country’s participation protects and advances its national interests.
To address the challenge, he called for increased investment in local digital infrastructure, stronger regulatory institutions and the development of Nigerian businesses and professionals capable of transforming data into valuable products and services.
On artificial intelligence, the Minister urged graduates to embrace emerging technologies while strengthening their critical thinking, creativity, independent judgement, empathy and integrity.
He also warned young Nigerians about the consequences of irresponsible online behaviour, noting that their digital footprints increasingly influence their personal and professional reputations.
Oyedele further challenged universities to move beyond the traditional award of certificates and become centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.
He identified agriculture, energy, healthcare, marine resources, environmental management and digital services as sectors where graduates could create businesses and develop solutions to national challenges.
The Minister outlined five responsibilities for graduates: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in nation-building.
He maintained that Nigeria’s digital future would depend not only on technology and infrastructure but also on the values, decisions and capabilities of its people.
