Nigeria’s growing digital economy is facing increasing threats from hackers, with the Federal Government issuing 33 cyberattack advisories in the past year, 22 of which were in 2024 alone.
The surge in cyberattacks coincides with the COVID-19 pandemic, which accelerated digitization, and Nigeria’s internet usage has grown from 125,149.86 terabytes (TB) in December 2019 to 753,388.77 TB in March 2024.
Cyberattacks have resulted in significant financial losses, with Nigeria losing about $500 million annually to cybercrime, and critical infrastructure, including banks and telecommunications services, being targeted.
Experts warn that cyberattacks will continue to grow and become more sophisticated, leveraging new technologies like artificial intelligence, and emphasize the need for increased awareness, adoption of multi-stakeholder strategies, and robust protective measures to combat cybercrime.
