The Effects Of Cyber Crime In Nigeria Economy


By Okolo Emmanuella.

LAGOS JULY 6TH (NEWSRANGERS)-The rise of cyber crime in Nigeria has become a major concern for the country’s economy and security. Nigeria is one of the largest sources of cybercrime in the world, with criminals using a caricature of tactics to steal money and personal information from individuals and companies around the world. 

 In Nigeria, the peril of cybercrime recorded a massive rise in the first six months of 2022, with phishing and scams hitting 438 percent. Several internet assisted crimes known as Cybercrimes are committed daily in various forms such as fraudulent electronic mails, identity theft, hacking, cyber harassment, spamming, automated teller machine, spoofing, piracy, and phishing.

One of the most common forms of cybercrime in Nigeria is email scams, also known as `419′. These scams typically involve an email or message from someone claiming to be a wealthy individual or member of the Nigerian government who needs help transferring money out of the country. The victim is asked to provide personal information or bank account details in exchange for a share of the money, but in reality, the money does not exit and the victim’s personal information is used for identity theft.

The rise of cybercrime in Nigeria has had a significant impact on the country’s economy. The Nigerian government estimates that cybercrime cost the country over $1 billion each year, with losses coming from both individuals and businesses. Cybercrime has also damaged Nigeria’s reputation in the international community, making it more difficult for legitimate Nigerian businesses to operate and access international markets.

Below are some of the adverse effects of cybercrime to the Nigerian economy and the society.

1.) Economic loss: Cybercrime has led to significant economic losses in Nigeria. The country has lost billions of dollars to cybercriminals who use sophisticated techniques to steal money from individuals and businesses. This has led to a decrease in foreign investment as investors are hesitant to invest in a country where cybercrime is rampant.

2.)Damage to reputation: Cybercrime has damaged Nigeria’s reputation on the global stage. The country has become known as a hub for cybercrime, which has led to a loss of trust in Nigerian businesses and individuals. This has made it difficult for Nigerian businesses to operate and grow as they are viewed with suspicion by potential partners and customers.

3.) Social Unrest: Cyber crime has also led to social unrest in Nigeria. Many people have lost thier life saving to cyber criminals, Which has led to anger and frustration. This has led to anger and frustration. This has led to protests and demonstrations which have sometimes turned violent.Cyber crime has also led to a breakdown in trust between individuals and institutions, which has further eroded social cohesion.

  1. National security: Cybercrime poses a significant threat to national security in Nigeria. Cybercriminals can use their skills to hack into government systems and steal sensitive information. This can compromise national security and put the country at risk. Additionally, cybercriminals can use their skills to carry out terrorist attacks and crimes.
  2. Health risks: Cybercrime can also pose health risks to individuals. Cybercriminals can use their skills to steal personal information, including medical records. This can compromise the health and safety of individuals, as their medical records can be used for nefarious purposes.

4.)Education: Cybercrime has also had an adverse effect on the education in Nigeria. Many young people are lured into cybercrime because they see it as a way to make quick money. This has led to a decrease in the number of people who are interested in getting educated thus an increase in the number of illiterates in Nigeria.

The Nigerian government has taken steps to address the rise of cybercrime including the establishment of the Nigerian Computer Emergency’s Response Team(ngCERT) and the efforts have been hampered by a lack of resources and the difficulty of tracking down cyber criminals who operate across borders.

To combat cybercrime in Nigeria, there needs to be increase investment in cyber security infrastructure and resources, as well as improved collaboration between government government agencies and the private sector. There also needs to be greater awareness among individuals and businesses about the risks of cybercrime and how to protect themselves from attack.

In conclusion, the rise of cybercrime in Nigeria is a major threat to the country’s economy and security. The Nigerian government and private sector must work together to invest in cyber security infrastructure and resources, and to promote greater awareness about the risks of cybercrime.On the individual’s part it is important that we educate ourselves on the dangers of cybercrime and how we can protect ourselves and our digital lives. By taking preventative measures, we can avoid becoming victims of these crimes. So let’s dive into the world of cybercrime and learn how we can stay safe online.



Okolo Emmanuella a Law student of Delta State University Abraka writes from Oleh


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Posted by on Jul 6 2023. Filed under Features, National. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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