Minister Warns Nigeria Against Overreliance on Foreign Data Infrastructure

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that Nigeria may repeat past mistakes of its oil economy if it continues to depend heavily on foreign infrastructure for data storage and processing. He spoke in Uyo, Akwa Ibom State, during a lecture at the University of Uyo.

Oyedele pointed out that relying on foreign data hosting deprives Nigeria of economic benefits, similar to how exporting crude oil and importing refined products has hurt the country in the past. He noted that over 90 percent of Nigeria’s data is currently stored abroad, which incurs costs and limits opportunities for local businesses.

He explained that digital sovereignty means Nigeria should control how its data is managed under its own laws. This does not mean isolating the country from the global digital economy but rather ensuring that participation benefits Nigeria’s interests.

The minister called for investments in local digital infrastructure and the development of skills among Nigerians to turn data into valuable services. He also discussed the importance of artificial intelligence, urging graduates to embrace new technologies while maintaining critical thinking and ethical behavior online.

Oyedele emphasized that universities should focus on innovation and problem-solving rather than just granting degrees. He identified several sectors, including agriculture and healthcare, as areas ripe for innovation and urged higher education institutions to equip students with practical skills.

He concluded by encouraging graduates to take active roles in shaping Nigeria’s digital future, highlighting the importance of integrity and responsible digital citizenship.