The National Information Technology Development Agency (NITDA) has revealed that Nigeria loses approximately N250 billion annually to cybercrime, underscoring the growing threat of cyber insecurity to the nation’s economy. According to NITDA, cybercrime has become a significant challenge as more individuals and businesses rely on digital platforms for communication, financial transactions, and commerce. The agency attributes this rise in cyberattacks to increased internet penetration, inadequate cybersecurity awareness, and insufficient protective measures among users.
NITDA’s Director-General emphasized that the losses are not only financial but also affect investor confidence and national security. Many victims include banks, government agencies, private companies, and individual internet users who fall prey to phishing schemes, identity theft, ransomware attacks, and online fraud. The agency noted that cybercriminals exploit weak digital infrastructures, poor data protection practices, and the lack of stringent cybersecurity regulations to perpetrate crimes.
In response, NITDA is advocating for improved cybersecurity awareness campaigns, capacity building, and strict enforcement of Nigeria’s Cybercrime Act. The agency stressed the need for collaboration between government, private sector players, and international partners to strengthen the country’s cyber defense systems. NITDA is also working to develop a more secure digital ecosystem through initiatives that promote data protection compliance, digital literacy, and the adoption of global cybersecurity best practices.
Experts warn that as Nigeria transitions further into a digital economy, the risks of cybercrime will escalate unless proactive measures are taken. They recommend that individuals adopt strong security practices, such as using complex passwords, enabling two-factor authentication, and avoiding suspicious online transactions. Organizations are also urged to invest in cybersecurity infrastructure and employee training to mitigate potential risks.
Ultimately, NITDA insists that addressing cybercrime is critical to safeguarding Nigeria’s digital future and fostering economic growth. Without decisive action, the country risks losing more revenue, stifling innovation, and damaging its reputation in the global digital economy.
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