Nigeria generated a record ₦33 trillion in government revenue between January and October 2026, supported partly by improvements in digital systems, including electronic invoicing, Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, has disclosed.

Oyedele attributed the revenue performance partly to the growing adoption of technology in government revenue administration, highlighting the role of digital tools in improving public sector efficiency, strengthening revenue collection and supporting Nigeria’s broader economic development.

The minister disclosed this 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.”

He explained that digital systems were creating opportunities for more efficient government operations, particularly in revenue administration, where electronic invoicing and other technology-driven processes could improve the collection, monitoring and management of public funds.

The ₦33 trillion revenue performance highlights the growing importance of digital transformation in strengthening government institutions and improving economic administration.

The ₦33 trillion revenue performance highlights the growing importance of digital transformation in strengthening government institutions and improving economic administration.

However, Oyedele said Nigeria’s digital transformation ambitions must extend beyond deploying technology for government operations to developing local capabilities that enable the country to capture greater economic value from its expanding digital economy.

Nigeria’s data economy and digital sovereignty

The minister described data as a strategic national asset, warning that Nigeria risked becoming predominantly a consumer of technologies developed abroad while information generated by its citizens and businesses was processed and monetised outside the country.

Citing figures from the Nigerian Communications Commission (NCC), Oyedele said Nigeria had more than 157 million active internet subscriptions as of May 2026.

He noted that these connections generated valuable data across several sectors, including financial services, healthcare, education and taxation, creating economic opportunities that Nigeria should be positioned to harness.

However, citing estimates from the Nigeria Data Protection Commission (NDPC), the minister said as much as 90% of Nigeria’s data was hosted outside the country.

He warned that this dependence on foreign data infrastructure had implications for foreign exchange outflows, local job creation, skills development and Nigeria’s control over information generated by its citizens and businesses.

Nigeria needs to develop the infrastructure and technical expertise required to retain more economic value from its data rather than depend excessively on foreign technology providers, according to the minister. 

Drawing a comparison with Nigeria’s historical dependence on imported refined petroleum products, he cautioned against allowing a similar pattern to emerge in the digital economy.

He warned that the country could end up generating valuable data locally, processing it abroad and subsequently purchasing digital services developed from that data from foreign providers.

To prevent this, he called for stronger investment in local digital infrastructure, technical expertise and predictable regulatory frameworks that can support indigenous technology businesses while attracting international investment.

Oyedele, however, clarified that digital sovereignty should not be interpreted as technological isolation or a rejection of international partnerships.

Rather, he described it as Nigeria’s ability to participate in the global digital economy from a position of strength, backed by local talent, competitive businesses, effective institutions and strong cybersecurity capabilities.

AI presents opportunities and challenges for Nigerian graduates

The minister also identified artificial intelligence (AI) as both a major disruption and an opportunity for Nigeria’s economy, urging graduating students to develop relevant digital skills and position themselves to participate in the emerging technology landscape.

He encouraged the graduates to move beyond consuming existing technologies to creating solutions, businesses and intellectual property capable of addressing economic and social challenges.

Oyedele said technical knowledge alone would not be sufficient in an economy increasingly influenced by artificial intelligence and automation.

He urged young Nigerians to strengthen human capabilities such as critical thinking, sound judgment, creativity, empathy and integrity, which remain important even as technology transforms workplaces and business operations.

Oyedele also challenged Nigerian universities to expand their contributions to national productivity by becoming centres of innovation, entrepreneurship and practical problem-solving.

He called for stronger collaboration between universities, government and industry, particularly in developing solutions across agriculture, energy, healthcare, marine resources, environmental sustainability and digital services.

The minister said universities should increasingly measure their contributions not only by the number of graduates produced and research publications released, but also by innovations developed, businesses created and practical challenges addressed through academic research.

He argued that stronger links between academic institutions and industry would help translate research into commercially viable solutions and support the development of Nigeria’s productive capacity.

Oyedele outlines five commitments for Nigerian graduates

Addressing the graduating students, Oyedele outlined five commitments for the next generation: lifelong learning, value creation, integrity, responsible digital citizenship and active participation in building Nigeria.

He further warned that digital footprints were increasingly becoming part of individuals’ professional identities, with online conduct capable of influencing employment prospects, business partnerships and professional credibility.

The minister urged the graduates to demonstrate responsible digital citizenship, engage constructively online and distinguish intellectual confidence from hostility.

“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he said.

Oyedele maintained that integrity remained an important economic asset because trust was fundamental to investment, business relationships and institutional credibility.

He concluded by urging the graduates to become a generation that creates rather than merely consumes technology, combining ambition with integrity and using innovation to advance Nigeria’s economic and national development.