Oyedele seeks local tech investment as Nigeria records ₦33tn revenue

The Minister of Finance, Taiwo Oyedele, has urged Nigeria to invest more in local technology and digital infrastructure as the country records ₦33 trillion in government revenue between January and October 2026.

Oyedele made the call while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, on Wednesday November 4.

Speaking on “Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,” he warned against Nigeria's dependence on foreign technology providers, urging the country to develop its capacity to process and retain the economic value of locally generated data.

He disclosed that Nigeria had over 157 million active internet subscriptions as of May 2026, citing figures from the Nigerian Communications Commission.

He also referenced estimates by the Nigeria Data Protection Commission that up to 90 per cent of the country's data is hosted abroad.

Oyedele identified electronic invoicing and other digital systems as contributors to improved revenue administration, noting that government revenue reached ₦33 trillion within the first 10 months of 2026.

He called for increased investment in local infrastructure, technical expertise and supportive regulations, while urging Nigerian universities to turn research into practical innovations and businesses.

Addressing the graduating students, the minister encouraged them to acquire digital skills, embrace lifelong learning and become creators of technology-driven solutions rather than mere consumers.