How Nigeria Loses N127bn Yearly – FG


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The Minister of Communications, Mr Adebayo Shittu, says Nigeria loses about N127billion to cybercrime yearly.

Shittu, who said this at the opening of the 2016 National Conference of the Nigerian Computer Society in Abuja on Tuesday, also disclosed that over $32bn had been invested in the Information and Communications Technology sector in the last 15 years.

The minister expressed concern that Nigeria’s growing dependency on digital infrastructure posed grave threats to national security.

He said, “Our growing dependence on digital infrastructure introduces and poses grave threats to national security. Nigeria loses about N127bn, which is 0.08 per cent of the country’s Gross Domestic Product, yearly to cybercrime.

“Many Nigerians now have access to internet facilities. Our citizens now use the enormous opportunities this digital infrastructure brings to work, transact business, campaign, communicate, learn, interact and relax. Today banking, commercial and other critical services are being provided online.

“Evidence, however, abounds on growing electronic fraud and threats to digital databases both in private and public sector. Without safety and security, growth is impossible. Information Technology for National Safety and Security as the conference theme is highly relevant as it aligns with the national safety and security priority of the administration of President Muhammadu Buhari.

“Securing lives and properties is both an enabler and an imperative for growth and development. Threats emanate from local and global terrorism which strikes fear and shatters the much-needed national peace and security.

“Nobody, no organization can perform optimally under a cloud of fear. Uncertainties and raised anxieties strain our economy and society. We must, however, acknowledge successes recorded so far in the fight to keep Nigeria secure.”


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