The Economic and Financial Crimes Commission (EFCC) has revealed that Nigeria lost more than $500 million to cybercrime in 2022, raising concerns about the growing threat posed by cybercriminal activities in the country.
This was disclosed by the EFCC Chairman, Ola Olukoyede, during the 2024 National Cybersecurity Summit held in Abuja.
The event, themed “Alternatives to Cybercrimes: Optimizing Cyber Skills for National Development,” was organized by the EFCC with support from the EU-funded Rule of Law and Anti-Corruption (RoLAC-Phase II) Programme of the International Institute of Democracy and Electoral Assistance (International IDEA).
Global cybercrime threat
Olukoyede highlighted the global scale of the problem, noting that projections from multiple sources estimate that global losses from cybercrime could reach $10.5 trillion. He warned that cybercrime, which has become the third-largest economy in the world, represents a significant threat if left unchecked.
"In 2022 alone, Nigeria lost over $500 million to cybercrime," he stated, adding that the daily global rate of cybercrime incidents is estimated to be around 2,328 cases.
Cybercrime convictions and youth involvement
Olukoyede also pointed out that cybercrime accounted for a significant portion of the 3,455 convictions recorded by the EFCC during his tenure as chairman over the past year. He emphasized the need to redirect the energy and skills of young Nigerians, who are often the main perpetrators of cybercrimes, towards more productive and legitimate pursuits.
“There is an alternative in the creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud," Olukoyede said. The summit aimed to expose young Nigerians with strong technical skills to opportunities in various industries, including the tech ecosystem, creative industries, financial services, medical services, and law enforcement.
A collective fight against cybercrime
Olukoyede stressed that the fight against cybercrime cannot be left to the EFCC alone and called for greater collaboration with state governors to tackle the issue at all levels of government. "We are not just interrogating the problems but aggregating workable solutions," he added, emphasizing the importance of providing viable alternatives to youths to curb the rise of cybercrime.
The EFCC chairman also raised concerns about the impact of cybercrime on Nigeria’s social fabric, noting that the pursuit of quick riches through illegal means is undermining family values and discouraging young people from pursuing legitimate entrepreneurial and intellectual goals.
Speaking at the summit, Nigeria's First Lady, Senator Oluremi Tinubu, echoed Olukoyede’s sentiments, emphasizing the need to involve all stakeholders to combat cybercrime effectively. She described cybercrime as not just an attack on individuals and businesses but a threat to the nation’s economic stability and the future of its youth.
Senator Tinubu urged parents to instill good values, morals, and a sense of patriotism in their children to help steer them away from criminal activities online.
Alternative approaches to fighting cybercrime
Danladi Plang, Head of Programme at International IDEA, called for a rethink of the traditional approach to addressing cybercrime. He suggested that instead of focusing solely on arrest, trial, and imprisonment, authorities should explore other ways to harness the technological skills of Nigerian youth for positive development.
The summit underscored the need for a holistic approach to combating cybercrime, one that includes law enforcement, regulatory measures, and the provision of opportunities for youths to utilize their skills in more productive and socially beneficial ways.
Add Comment