Oyedele: Nigeria Must Not Repeat Oil Mistakes With Data
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that Nigeria risks repeating the costly mistakes of its oil economy if it continues to rely on foreign infrastructure to store and process its data.
Oyedele gave the warning while delivering the convocation lecture titled _“Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation”_ on Wednesday, at the University of Uyo, Akwa Ibom State
He recalled that exporting crude oil and importing refined petroleum products deprived Nigeria of domestic value, expertise and jobs.
According to him, the country must not allow the same pattern to emerge in the digital economy.
Citing figures from the Nigerian Communications Commission (NCC), Oyedele said Nigeria had more than 157 million active internet subscriptions as at May 2026.
He however noted that an estimate by the Nigeria Data Protection Commission showed that over 90 per cent of the country’s data is hosted abroad.
He added that the dependence comes at a considerable cost — foreign exchange outflows for offshore hosting, lost opportunities for local businesses and professionals, and exposure of Nigerian data to foreign laws and jurisdictions.
Oyedele explained that digital sovereignty means a country’s ability to determine, under its own laws, how its data is collected, stored, accessed and utilised.
He clarified that it does not mean shutting Nigeria out of the global digital economy, but ensuring that participation advances national interests.
To reverse the trend, he called for deliberate investment in domestic digital infrastructure, stronger regulatory institutions and development of local expertise and businesses capable of converting data into valuable products and services within Nigeria.
Speaking on artificial intelligence, Oyedele said AI is reshaping employment and the skills required in the emerging economyHe charged graduates to embrace AI and other emerging technologies while retaining independent judgement, critical thinking, creativity, empathy and integrity.
He also urged young Nigerians to be deliberate about their conduct online, noting that their digital footprints increasingly influence their personal and professional identities.
Their posts, comments and reactions, he said, could shape how employers, institutions and society perceive them.
He counselled graduates to disagree respectfully, challenge ideas rather than attack individuals, and understand that online attention does not translate to respect, popularity to credibility, or virality to value creation.
The Minister warned that AI can amplify misinformation, impersonation and dishonesty, making ethical conduct and public trust more important.
He charged higher institutions to move beyond awarding certificates and position themselves as centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.
Oyedele said their relevance should be measured 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 offering significant opportunities for innovation and enterprise.
He urged universities to equip students with practical knowledge and skills to develop solutions in those areas, according to a statement by the Ministry’s Head of Information and Public Relations, Efe Ovuakporie
Oyedele outlined five responsibilities for graduating students: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in nation-building.
He stressed that Nigeria’s digital future would depend not only on technology and infrastructure, but also on the values, choices and capabilities of the people shaping it.
The Minister challenged graduates to see themselves as active contributors to that future, quoting management thinker Peter Drucker: “The best way to predict the future is to create it.”
