Nigeria’s Cybersecurity Efforts Gain Momentum Amid Rising Cybercrime Profits
The West African nation is taking a bold step towards protecting its digital economy from cyber threats. Following a significant decline in reported fraud incidents, Nigeria has introduced new rules that require organizations to disclose cyberattacks, joining other countries in a shift towards mandated transparency. This move is part of the country’s broader efforts to create a more resilient digital economy and combat the growing problem of cybercrime.
The number of reported fraud incidents in Nigeria has indeed decreased by nearly 46% over the past four years, from 124,000 in 2021 to just 68,000 in 2025. However, this decline is largely offset by increasing losses due to more sophisticated and lucrative schemes employed by cybercriminals. The country’s rapid digital transformation has attracted a significant number of cyber threats, with an average of 4,361 attempted attacks per week in June 2026 alone. This puts Nigeria behind only Angola as the most attacked country in Africa.
Cybersecurity experts point out that Nigeria’s attack volumes are not trending downwards but rather fluctuating at an elevated level. According to Hendrik de Bruin, head of security consulting in Africa for Check Point Software, “The numbers oscillate – up then down, and then up again – but they’ve never really dipped below roughly double the global average.” This persistence is a cause for concern, as it indicates a sustained threat landscape that requires immediate attention.
To combat this challenge, Nigeria’s government is developing a comprehensive cybersecurity framework, which will include mandated reporting of incidents, minimum investments in cybersecurity, and arrangements for deeper public-private collaboration. The National Information Technology Development Agency (NITDA) is working on the details of its cybersecurity and cloud-sovereignty policies, which are expected to play a crucial role in safeguarding the country’s digital economy.
The impact of these efforts will be significant, considering Nigeria’s large economy – estimated at $377 billion – and its potential for growth. As the country emerges from years of financial disruption, it is essential that it prioritizes cybersecurity to prevent further losses due to cybercrime. The increasing trend of insider involvement in cyber threats highlights the need for awareness and education among employees, as well as robust security measures to mitigate these risks.
As Nigeria navigates its digital transformation, it’s clear that a multi-faceted approach is required to address the complex issue of cybercrime. By mandating transparency and investing in cybersecurity, the country can create a safer digital environment and reduce losses due to cyber threats. As Premier Oiwoh, managing director and chief executive of the Nigeria Inter-Bank Settlement System (NIBSS), emphasized, “Awareness remains critical, as many victims are still easily deceived.” With this in mind, it’s essential for organizations and individuals alike to prioritize cybersecurity awareness and implement robust security measures to protect against cyber threats.
Source: Dark Reading — 2026-07-15