Oyedele Urges Investment in Digital Infrastructure, Local Innovation

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for increased investment in Nigeria's digital infrastructure and local innovation to strengthen economic competitiveness and protect the country's technological future.

Oyedele made the call Wednesday while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, titled “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation.”

He warned that Nigeria risks losing significant economic value by relying on foreign technology providers to process and monetise data generated by its citizens.

Citing Nigerian Communications Commission figures, Oyedele said the country had more than 157 million active internet subscriptions as of May 2026, while estimates by the Nigeria Data Protection Commission indicated that up to 90% of Nigerian data is hosted abroad.

He said the situation could increase foreign exchange outflows, limit local job creation and weaken national control over citizens' information.

The minister cited electronic invoicing and improved revenue administration as examples of how digital systems could boost government efficiency, noting that the government collected a record ₦33 trillion in revenue between January and October 2026.

He urged Nigeria to build local digital capacity through investment in infrastructure, technical expertise, cybersecurity and predictable regulations, stressing that digital sovereignty does not mean isolation from global technology.

Addressing the graduating students, Oyedele encouraged them to become technology creators rather than passive consumers, while developing skills in artificial intelligence, critical thinking, creativity and problem-solving.

“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,” he said.

He also challenged universities to strengthen partnerships with government and industry, focusing on research and innovations that address challenges in agriculture, energy, health care and other sectors.

Oyedele urged the graduates to embrace lifelong learning, integrity, value creation and responsible digital citizenship as they contribute to national development.