Finance Minister Warns Nigeria Must Avoid Oil Economy Mistakes With Data

Finance Minister Warns Nigeria Must Avoid Oil Economy Mistakes With Data

By Our Finance Correspondent

Abuja (Core Reporters)- Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned that Nigeria risks repeating the costly mistakes of its oil economy if it continues to rely heavily on foreign infrastructure for storing and processing its data instead of harnessing the economic value of its expanding digital sector.

Oyedele gave this charge 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 exporting crude oil and importing refined petroleum products deprived Nigeria of substantial domestic value, expertise and employment opportunities, stressing that the country must not allow a similar pattern to emerge in the digital economy.

Oyedele maintained that the scale of the opportunity was already evident, citing Nigerian Communications Commission (NCC) figures showing that Nigeria had more than 157 million active internet subscriptions as at May 2026. However, he highlighted an estimate by the Nigeria Data Protection Commission that over 90 per cent of the country’s data is hosted abroad.

He observed that such dependence comes at a considerable economic cost, including foreign exchange outflows for offshore data hosting and processing, lost opportunities for local businesses and professionals, and exposure of Nigerian data to foreign laws and jurisdictions.

The Minister explained that digital sovereignty entails a country’s ability to determine, under its own laws, how its data is collected, stored, accessed and utilised. He clarified that this does not mean shutting Nigeria out of the global digital economy, but ensuring that its participation advances national interests.

To reverse the trend, he called for deliberate investment in domestic digital infrastructure, stronger regulatory institutions and the development of local expertise and businesses capable of converting data into valuable products and services within Nigeria.

Speaking on artificial intelligence, Oyedele highlighted its growing capacity to reshape employment and the skills required in the emerging economy. He charged graduates to embrace AI and other emerging technologies while retaining their independent judgement, critical thinking, creativity, empathy and integrity.

He also enjoined young Nigerians to be deliberate about their conduct in the digital space, noting that their online footprints increasingly influence their personal and professional identities. Their posts, comments and reactions, he said, could shape how employers, institutions and society perceive them.

The Minister counselled graduates to disagree respectfully, challenge ideas rather than attack individuals, and understand that online attention does not necessarily translate into respect, popularity into credibility or virality into value creation. He equally drew attention to the capacity of artificial intelligence to amplify misinformation, impersonation and dishonesty, making ethical conduct and public trust increasingly important.

Turning to the role of universities, Oyedele charged higher institutions to move beyond the traditional award of certificates and position themselves as centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.

He argued that their relevance should also be measured by the problems their graduates solve, the businesses they establish and the contributions they make to their communities.

The Minister identified agriculture, energy, healthcare, marine resources, environmental management and digital services as sectors offering significant opportunities for innovation and enterprise, calling on universities to equip students with the practical knowledge and skills to develop solutions in these areas.

He outlined five responsibilities for the graduating students: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in nation-building.

Oyedele 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 its development.

He challenged the graduates to see themselves as active contributors to that future, drawing on the words of management thinker, Peter Drucker: “The best way to predict the future is to create it.”