Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned that Nigeria mustn’t enable a repeat of the decades-long errors it made in managing its oil economic system within the burgeoning digital sector.
He recalled that exporting crude oil and importing refined petroleum merchandise disadvantaged Nigeria of considerable home worth, experience and employment alternatives, stressing that the nation should not enable the same sample to emerge within the digital ecosystem.
Oyedele, who gave the admonition on the University of Uyo, Akwa Ibom State, whereas delivering the convocation lecture titled: ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation’, famous that Nigeria dangers repeating the pricey errors of its oil economic system if it continues to rely closely on overseas infrastructure for storing and processing its knowledge as a substitute of harnessing the financial worth of its increasing digital sector.
The minister maintained that the size of the chance was already evident, citing figures by the Nigerian Communications Commission (NCC) displaying that Nigeria had greater than 157 million energetic web subscriptions as at May 2026.
However, he pointed to an estimate by the Nigeria Data Protection Commission displaying that over 90 per cent of the nation’s knowledge is hosted overseas.
According to an announcement issued by the Head, Information and Public Relations, Federal Ministry of Finance, Efe Ovuakporie, the minister noticed that such dependence comes at a substantial financial price, together with overseas change outflows for offshore knowledge internet hosting and processing, misplaced alternatives for native companies and professionals, and publicity of Nigerian knowledge to overseas legal guidelines and jurisdictions.
The minister defined that digital sovereignty entails a rustic’s means to find out, beneath its personal legal guidelines, how its knowledge is collected, saved, accessed and utilised, clarifying that this didn’t imply shutting Nigeria out of the worldwide digital economic system, however guaranteeing that its participation advances nationwide pursuits.
To reverse the pattern, he known as for deliberate funding in home digital infrastructure, stronger regulatory establishments and the event of native experience and companies able to changing knowledge into helpful services and products inside Nigeria.
On Artificial Intelligence (AI), Oyedele highlighted its rising capability to reshape employment and the abilities required within the rising economic system, and charged graduates to embrace AI and different rising applied sciences whereas retaining their unbiased judgement, crucial pondering, creativity, empathy and integrity.
He additionally enjoined younger Nigerians to be deliberate about their conduct within the digital house, noting that their on-line footprints more and more affect their private {and professional} identities.
Their posts, feedback and reactions, he famous, may form how employers, establishments and society understand them.
The minister counselled graduates to disagree respectfully, problem concepts somewhat than assault people, and perceive that on-line consideration doesn’t essentially translate into respect, recognition into credibility or virality into worth creation.
He additionally drew consideration to the capability of AI to amplify misinformation, impersonation and dishonesty, making moral conduct and public belief more and more essential.
Turning to the function of universities, Oyedele charged increased establishments to maneuver past the standard award of certificates and place themselves as centres of innovation, entrepreneurship, moral management and sensible problem-solving.
He argued that their relevance must also be measured by the issues their graduates clear up, the companies they set up and the contributions they make to their communities.
Oyedele recognized agriculture, power, healthcare, marine assets, environmental administration and digital providers as sectors providing vital alternatives for innovation and enterprise, calling on universities to equip college students with the sensible information and expertise to develop options in these areas.
He outlined 5 tasks for the graduating college students, together with lifelong studying, worth creation, integrity, accountable digital citizenship and energetic participation in nation-building.
The minister defined that Nigeria’s digital future would rely not solely on know-how and infrastructure, but in addition on the values, selections and capabilities of the folks shaping its growth.
He challenged the graduates to see themselves as energetic contributors to that future, drawing on the phrases of administration thinker, Peter Drucker: “The best way to predict the future is to create it.”
Ndubuisi Francis in Abuja
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