Nigeria Shortchanged By N127bn Yearly Due To Cybercrime – Minister
Adebayo Shittu, Minister of Communication[/caption]
Nigeria’s Minister of Communication, Mr Adebayo Shittu, has said the country loses about N127 billion to cybercrime annually.
Shittu, who stated this while speaking during the 2016 National Conference of the Nigerian Computer Society in Abuja on Tuesday, added that the figure represents 0.08 per cent of the country’s Gross Domestic Products, GDP.
The minister further disclosed that over $32bn had been invested in the Information and Communications Technology sector in the last 15 years.
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According to him financial crimes and corruption were added burden to the national security challenges threatening the very existence and development of the country.
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 more 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.
“Evidence abounds of the growing electronic fraud and threats to digital databases, both private and government. In view of the critical nature of the economy and government activities, it is obvious that protection from different types of cyber and terrorist attacks is required.
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“Software piracy, identity theft, electronic fraud, online spam, intellectual property theft and malware attacks can all lead to devastating and far reaching consequences. In addition to the activities of hackers and cyber bandits, we know cyberspace is also being exploited to aid radicalisation and violent extremism, especially among the youth.”
Addressing emerging cyberthreats, the minister advocated for the use of Information and Communication Technology ICT, tools and Geographical Information System, GIS, while he expressed concern that Nigeria’s growing dependency on digital infrastructure posed grave threats to national security.
He also revealed that the government had set up computer emergency response teams through the Office of the National Security Adviser and the National Information Technology Development Agency.
Shittu highlighted the importance of ICT to the Nigerian economy, stressing that it had created over 10 million jobs in the past 10 years.
