The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has called for stronger investment in Nigeria’s digital infrastructure, local innovation and data capabilities, stressing that the country’s ability to shape its own technological future will be critical to long-term economic competitiveness and national prosperity.
Oyedele made the call while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, on the theme “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation.”
He described data as a strategic national asset and warned against Nigeria becoming predominantly a consumer of digital technologies developed elsewhere, while the data and economic value generated by its own citizens are processed and monetised abroad.
Citing figures from the Nigerian Communications Commission, the Minister noted that Nigeria had more than 157 million active internet subscriptions as of May 2026, each connection generating valuable data across payments, healthcare, education and taxation. He also cited Nigeria Data Protection Commission estimates that as much as 90 percent of that data is hosted outside the country, with implications for foreign exchange outflows, local job creation, skills development and national control over citizens’ information.
He pointed to improved digital systems, including electronic invoicing, as a key driver behind a record ₦33 trillion in government revenue collected between January and October 2026, as evidence of technology’s potential to strengthen revenue administration and public sector efficiency.
Drawing a parallel with Nigeria’s historical dependence on imported refined petroleum products, Oyedele cautioned against allowing the digital economy to follow the same pattern, with locally generated data processed elsewhere and the resulting services bought back from foreign providers.
He called for investment in local infrastructure, technical expertise and clear, predictable regulatory frameworks to help Nigeria retain more economic value from its own data, while remaining open to international investment, partnerships and innovation. Digital sovereignty, he said, should not be mistaken for technological isolation but understood as the capacity to participate in the global digital economy from a position of strength, backed by local talent, competitive businesses, effective institutions and strong cybersecurity.
Addressing the graduating students directly, the Minister urged them to move beyond being consumers of technology to becoming creators of solutions, businesses and intellectual property that address real economic and social challenges. He described artificial intelligence as both a major disruption and an opportunity, encouraging graduates to acquire emerging digital skills while strengthening the human capabilities technology cannot replace, including critical thinking, sound judgment, creativity, empathy and integrity.
Oyedele also cautioned that a person’s digital footprint increasingly forms part of their professional identity, noting that online conduct can influence employment prospects, business partnerships and professional credibility. He called for responsible digital citizenship, urging young Nigerians to engage constructively, challenge ideas with facts, and distinguish intellectual confidence from online hostility. Integrity, he said, is an increasingly valuable economic asset, as trust remains fundamental to investment, business relationships and institutional credibility.
The Minister also challenged Nigerian universities to deepen their contribution to national productivity by becoming centres of innovation, entrepreneurship and practical problem-solving, with stronger collaboration between academia, government and industry in areas such as agriculture, energy, healthcare, marine resources, environmental sustainability and digital services. He noted that the success of higher education should increasingly be measured not only by the number of graduates and research publications, but by the innovations developed, businesses created and challenges addressed through university research.
He outlined five commitments for the graduating class: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in building Nigeria, urging graduates to translate their education into solutions that create opportunities, improve lives and strengthen national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” Oyedele told the graduating students.
The Minister concluded by urging the graduating class to become a generation that creates rather than merely consumes, combines ambition with integrity, and uses innovation to advance national progress.
