Nigeria loses N127bn To Cybercrime Yearly - Communications Minister

Minister of Communications Mr. Adebayo Shittu has revealed that Nigeria is losing N127bn, which is 0.8% of the nation's Gross Domestic Product (GDP) to cybercrime yearly.

Mr. Shittu made this known in Abuja during the opening of the 26th National Conference and Exhibition of the Nigeria Computer Society. He further stated that many Nigerians now had access to Internet facilities; using the enormous opportunities this digital infrastructure had brought to work, transact business, campaign, communicate, learn, interact and relax.

In his words, the Minister of Communications said: "Our growing dependence on digital infrastructure introduces and poses grave threats to national security."

He further added: "To address emerging cyberthreats, government has set up computer emergency response teams through the office of the National Security Adviser and NITDA.

"Additionally, to further improve the nation's preparedness to secure cyberspace, the Cybercrime Advisory Council has also been inaugurated.

"The council s expected to facilitate the implementation of the Cybercrime Act 2015, as well as the National Cyber Security Policy and Strategy." he conluded