Oyedele Warns Against Repeating Oil Economy Mistakes in Digital Sector

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, has warned against repeating the economic mistakes of Nigeria's past in the digital sector. At the University of Uyo's convocation lecture, Oyedele cautioned that Nigeria should not replicate the decadal missteps of its oil-dependent economy in the burgeoning digital landscape.

He highlighted how relying on foreign infrastructure for data storage and processing has deprived the nation of crucial domestic value, expertise, and employment opportunities. Citing data from the Nigerian Communications Commission, Oyedele noted that more than 157 million Nigerians have active internet subscriptions, yet over 90% of the country's data remains stored abroad.

This dependence, he argued, incurs significant economic costs, including foreign exchange outflows and the exposure of sensitive data to foreign laws and jurisdictions. To address this, Oyedele called for deliberate investment in domestic digital infrastructure, stronger regulatory institutions, and the cultivation of local expertise and businesses.

He emphasized that digital sovereignty is about determining how Nigeria's data is handled under its own laws, without isolating the country from the global digital economy. Oyedele also addressed the growing influence of Artificial Intelligence (AI) and urged graduates to embrace AI while maintaining their critical thinking, creativity, and ethical conduct.

He warned of AI's potential to spread misinformation and dishonesty, stressing the importance of ethical behavior in the digital space. The minister urged universities to shift from merely awarding certificates to becoming hubs of innovation, entrepreneurship, ethical leadership, and practical problem-solving. He outlined five responsibilities for graduating students, including lifelong learning, value creation, integrity, responsible digital citizenship, and active participation in nation-building.

Oyedele urged graduates to see themselves as active participants in shaping Nigeria's digital future, echoing management thinker Peter Drucker's advice to create their own futures.