UYO, Nigeria – 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, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele said on Wednesday.

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‎Oyedele spoke 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.

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‎He said exporting crude oil and importing refined petroleum products deprived Nigeria of domestic value, expertise and jobs, and warned that a similar pattern must not emerge in the digital economy.

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‎He cited Nigerian Communications Commission figures showing Nigeria had more than 157 million active internet subscriptions as at May 2026. He also cited an estimate by the Nigeria Data Protection Commission that over 90 percent of the country’s data is hosted abroad.

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‎Such dependence, he said, comes at a considerable cost, including foreign exchange outflows for offshore hosting and processing, lost opportunities for local businesses and professionals, and exposure of Nigerian data to foreign laws and jurisdictions.

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‎Oyedele defined digital sovereignty as a country’s ability to determine, under its own laws, how its data is collected, stored, accessed and used. He said this does not mean shutting Nigeria out of the global digital economy, but ensuring its participation advances national interests.

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‎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.

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‎On artificial intelligence, Oyedele said its growing capacity is reshaping employment and the skills required in the emerging economy. He urged graduates to embrace AI and other emerging technologies while retaining independent judgement, critical thinking, creativity, empathy and integrity.

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

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‎He advised 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 also warned that AI can amplify misinformation, impersonation and dishonesty, making ethical conduct and public trust increasingly important.

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‎Turning to universities, Oyedele said higher institutions should move beyond awarding certificates and position themselves as centres of innovation, entrepreneurship, ethical leadership and practical problem-solving.

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

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

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

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‎Oyedele said 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.

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