ICT Minister, Nelson Chamisa, applauded Nyakazeya and said the media had contributed to ICT development in the country.
He said ICTs were creating opportunities and improving living conditions in Zimbabwe.
"It is important that excellence is celebrated in any sector and we are doing that as the ICT Ministry. Nyakazeya is one journalist who has shown interest in ICTs and wrote a lot of stories in this regard this year," Chamisa said.
He said the award was for a journalist who "accurately and excellently" reported on developments in ICTs in 2012.
"The award is for a journalist who, in his reports, clearly indicates why ICTs are central to the country's socio-economic development. ICT performance will remain crucial for sustaining and enhancing Zimbabwe in its innovation potential and long-term competitiveness," he said.
Nyakazeya won the same award last year, which was presented by Prime Minister Morgan Tsvangirai.
Speaking at the event, Deputy Prime Minister Thokozani Khupe, who was the guest of honour, said Zimbabwe should use ICT to drive economic growth.
"ICT has been a force for socio-economic development in Zimbabwe and developing countries, as a result, efforts of individuals and organisations who have excelled, been innovative and have contributed meaningfully to the development of the nation through ICTs need to be acknowledged," said Khupe.
Hama Saburi, the Editor-in-Chief of The Financial Gazette, also congratulated Nyakazeya for winning the ICT award.
"The ICT revolution is upon us and for each citizen to fully participate in this revolution media personnel must embrace it first to enable them to report on it for the greater good.
"We are happy that in Nyakazeya The Financial Gazette has a writer who is making such a huge difference to society as far as ICT reporting is concerned, hence this recognition. We are also happy that his efforts have not gone unnoticed.
"We therefore want to congratulate Paul for a job well done.
"The revolution is on and we want more and more journalists to cover this beat since it is influencing every part of our life," he said.