: 10.62796/pijst
Cyber security Challenges in Nigeria’s Digital Economy
R.W. Urim,
University of Agriculture, Makurdi, Nigeria
Published Date: 06-01-2025 Issue: Vol. 2 No. 1 (2025): January 2025 Published Paper PDF: Download
Abstract- Nigeria’s digital economy, expanding at an estimated annual rate of 17%, holds the potential to reach $220 billion and generate millions of jobs by 2025. However, its rapid growth has been accompanied by rising cybersecurity threats that jeopardize data security, consumer trust, and sustainable digital transformation. This paper examines the major challenges facing Nigeria’s digital economy in the context of cybercrime, including malware, phishing scams, ransomware, insider threats, and denial of service (DoS) attacks. It highlights the country’s weak digital infrastructure, shortage of skilled cybersecurity professionals, and gaps in legal enforcement as critical vulnerabilities. Case studies demonstrate the economic and social impact of cyberattacks on banks, businesses, and consumers, underscoring the urgent need for robust defense mechanisms. The study also discusses Nigeria’s regulatory frameworks such as the Cybercrime Act 2015, the National Cybersecurity Policy, and Data Protection Regulations, while emphasizing the importance of awareness campaigns, education, and international cooperation. Ultimately, the paper argues that securing Nigeria’s digital economy requires strong government–private sector collaboration, investment in skilled manpower, effective regulatory enforcement, and the adoption of global best practices to ensure resilience, trust, and sustainable digital growth. Keywords: Nigeria, digital economy, cybersecurity, cybercrime, malware, phishing, ransomware, insider threats, regulatory framework, data protection.
Published Date: 06-01-2025 Issue: Vol. 2 No. 1 (2025): January 2025 Published Paper PDF: Download
Abstract- Nigeria’s digital economy, expanding at an estimated annual rate of 17%, holds the potential to reach $220 billion and generate millions of jobs by 2025. However, its rapid growth has been accompanied by rising cybersecurity threats that jeopardize data security, consumer trust, and sustainable digital transformation. This paper examines the major challenges facing Nigeria’s digital economy in the context of cybercrime, including malware, phishing scams, ransomware, insider threats, and denial of service (DoS) attacks. It highlights the country’s weak digital infrastructure, shortage of skilled cybersecurity professionals, and gaps in legal enforcement as critical vulnerabilities. Case studies demonstrate the economic and social impact of cyberattacks on banks, businesses, and consumers, underscoring the urgent need for robust defense mechanisms. The study also discusses Nigeria’s regulatory frameworks such as the Cybercrime Act 2015, the National Cybersecurity Policy, and Data Protection Regulations, while emphasizing the importance of awareness campaigns, education, and international cooperation. Ultimately, the paper argues that securing Nigeria’s digital economy requires strong government–private sector collaboration, investment in skilled manpower, effective regulatory enforcement, and the adoption of global best practices to ensure resilience, trust, and sustainable digital growth. Keywords: Nigeria, digital economy, cybersecurity, cybercrime, malware, phishing, ransomware, insider threats, regulatory framework, data protection.
