Nigeria Deepens Cybersecurity Efforts as Cybercriminals See More Profits
Nigeria is experiencing a significant rise in cybercrime losses despite a decrease in reported incidents, driven by increasingly sophisticated schemes and a growing digital economy. The country is actively developing cybersecurity policies and frameworks to address this issue, but enforcement remains a challenge due to a lack of resources and a culture of underreporting. Nigeria's cybersecurity maturity is lagging behind its economic potential, presenting ongoing risks to its digital transformation efforts.
Nigeria is facing a growing cybercrime problem, despite a decrease in reported incidents. Cybercriminals are exploiting the country’s rapidly expanding digital economy, resulting in a substantial increase in financial losses. In 2025, digital-payment fraud hit ₦25.85 billion (US$18.7 million), up from ₦17.67 billion (US$12.8 million) in 2023, and in 2024, a single incident caused ₦31.1 billion in damages, resulting in a total loss of ₦52.3 billion. The government is attempting to address this through the development of a cybersecurity framework, including mandated breach reporting and minimum cybersecurity investments, but enforcement is hampered by a lack of resources and a tendency for organizations to underreport incidents. Many Nigerian organizations lack the training and resources necessary to effectively combat cyberattacks, with smaller businesses being particularly vulnerable. Nigeria’s cybersecurity maturity currently ranks at the third of five levels according to the ITU Global Cybersecurity Index. The country’s digital economy is growing, but its cybersecurity posture is struggling to keep pace, presenting ongoing risks to its digital transformation.