The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has identified investment in technology and digital infrastructure as critical to Nigeria’s economic development, competitiveness and revenue growth.
He cited the Federal Government’s collection of ₦33 trillion in revenue between January and October 2026 as evidence of how technology, particularly electronic invoicing, can improve tax collection and strengthen revenue mobilisation.
Oyedele spoke 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.” His remarks were contained in a statement issued by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The minister warned that Nigeria risked losing significant economic opportunities by relying heavily on foreign digital infrastructure. Citing figures from the Nigerian Communications Commission, he disclosed that the country had over 157 million active internet subscriptions as of May 2026, while estimates from the Nigeria Data Protection Commission indicated that up to 90 per cent of Nigerian data was hosted abroad.
He said this dependence had implications for foreign exchange expenditure, job creation, technology transfer and the country’s control over data generated by its citizens.
Oyedele called for increased investment in local data infrastructure, cybersecurity, technical expertise and predictable regulations, stressing that digital sovereignty should enable Nigeria to compete globally rather than isolate it from international markets.
He also urged universities to strengthen partnerships with government and industry to develop practical technological solutions in agriculture, healthcare, energy and other critical sectors.
Addressing graduating students, the minister encouraged them to become creators of technology rather than merely consumers of foreign innovations, emphasising the importance of digital skills, continuous learning, creativity and integrity.
He further urged universities to measure their impact not only by graduates and academic publications but also by the businesses, innovations and solutions they contribute to the economy.
