Minister Cautions Against Oil Economy Mistakes in Data Management

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, has cautioned that 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, instead of harnessing the economic value of its expanding digital sector. Speaking in Uyo, Akwa Ibom State, on Friday, Oyedele emphasized the importance of domestic data management and the need to avoid relying on foreign entities for crucial digital infrastructure.

‘As a nation, we must not make the same mistakes we made in our oil economy, where we exported our raw resources without fully leveraging their potential value,’ Oyedele said. ‘We need to ensure that our data is not just stored overseas but also processed and analyzed within Nigeria, creating jobs and stimulating economic growth.’

Oyedele’s remarks came as the Nigerian government is pushing for a more robust digital economy, with the National Information Technology Development Agency (NITDA) recently warning against exporting data like crude oil.

In Kano State, digital economy plans were unveiled this week. The state government aims to establish a digital economy masterplan to drive digital transformation and improve the state’s competitiveness in the digital sphere.