Nigeria’s rapid digital transformation has led to a surge in cyberattacks, with the average organization facing 4,361 attempted attacks per week. Despite a 46% drop in reported fraud incidents over four years, losses from those incidents have increased as cybercriminals create more lucrative schemes.
The country’s economic liberalization efforts, including allowing its currency to float and halting fuel subsidies, have led to financial disruption but also a growing digital economy. With an estimated gross domestic product (GDP) of $377 billion, Nigeria is the largest economy in Western Africa and the third largest on the continent. However, this growth has attracted cybercriminals and financial fraudsters.
Cybersecurity vendor Check Point Software tracks at least 50 threat actors currently active in Nigeria, making it one of the most attacked countries in Africa. The country’s attack volumes have remained persistently elevated, with weekly numbers oscillating but never dipping below double the global average. 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.”
In response to this trend, Nigeria is creating a cybersecurity framework that 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 two important foundations of the country’s digitalization framework.
Despite efforts to combat cybercrime, Nigeria still faces significant challenges. Digital-payment fraud hit ₦25.85 billion ($18.7 million) in 2025, up from ₦17.67 billion ($12.8 million) in 2023. The government has seen a decreasing number of incidents but increasing losses, with each successive year’s fraud incidents resulting in greater amounts of stolen funds.
To fight the trend, Nigeria is investing in cybersecurity and awareness initiatives. Premier Oiwoh, managing director and chief executive of the NIBSS, highlighted the importance of insider involvement in reducing losses per incident. “Insider involvement is high, and recent investigations have confirmed this,” he said. “Services such as SIM swap fraud, account compromise, and phishing continue to evolve.”
As Nigeria’s digital economy continues to grow, it’s essential for organizations to prioritize cybersecurity. This includes implementing robust security measures, conducting regular risk assessments, and educating employees on cyber threats. By taking these steps, businesses can protect themselves against the increasing number of attacks and build a more resilient digital economy.
In practical terms, this means that organizations in Nigeria should review their incident response plans, ensure they have adequate staffing and resources to handle cybersecurity incidents, and invest in awareness programs for employees. Additionally, they should prioritize implementing robust security controls, such as multi-factor authentication and regular software updates, to prevent attacks. By taking these steps, businesses can mitigate the risks associated with cyberattacks and contribute to a safer digital environment for everyone.
Source: Dark Reading — 2026-07-15