Nigeria loses N127b to cybercrime yearly

Minister of Communications, Adebayo Shittu

Government restates commitment to national security.

Nigeria’s loss to cyber crimes is now about N127 billion yearly and this has become a source of worry to the Federal Government.
This figure is about 0.08 per cent of the country’s Gross Domestic Product (GDP).
Also, the Secretary to the Government of the Federation (SGF), Babachir David Lawal, has expressed the commitment of the Buhari’s administration towards tackling the security challenges bedeviling the nation and enhance national safety through Information Technology.
The Minister of Communications, Adebayo Shittu, who gave the figure, yesterday in Abuja, while opening the National Conference of the Nigerian Computer Society (NCS) with the theme: Information Technology for National Safety and Security, noted that without safety and security, economic growth was impossible.
Last week, The Guardian, relying on a document from the Business Software Alliance, had reported that global businesses spent over $400 billion on cybercrime fallouts and that Nigeria spent $232 million on unlicensed software in 2015.

Shittu, at the conference, disclosed that many more Nigerians now have access to Internet facilities, citizens now use the enormous opportunities 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 of 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. Software piracy, identity theft, electronic fraud, online spam, intellectual property theft and malware attacks can all lead to devastating and far-reaching consequences.”

According to him, in addition to the activities of hackers and cyber bandits, the cyberspace is also being exploited to aid radicalisation and violent extremism, especially among the youth.
To address emerging cyber threats, the minister said government has set up computer emergency response teams through the Office of the National Security Adviser (NSA) and the National Information and Technology Development Agency (NITDA).
Shittu said to effectively use IT to secure the nation and unlock the potentials in the sector, we need legal initiatives and infrastructure that will support innovation and investment.
He said that instead of obsolete laws from past eras, Nigeria needs a predictable, consistent and straightforward legal environment that enables economic diversification, industry competitiveness and local industry growth. “The passage into law of the Critical National Infrastructure Bill is long overdue.”

He observed that the ministry is engaging with the Nigerian Army on possible technology collaboration to tackle the activities of insurgents and other security challenges in the country.
Shittu stated that using ICT and Geographical Information System (GIS) to tackle Boko Haram, Niger Delta militancy and other security challenges with enhanced efficiency and professionalism has become a matter of paramount importance, adding that without safety and security, economic growth is impossible, adding that securing lives and properties is both an enabler and an imperative for national growth and development.

He said: “Threats emanate from local and global terrorism which strike fear and shatters the much needed national peace and security. Nobody, no organisation 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.”
The minister observed that in order to address emerging cyber threats, government has set up computer emergency response teams through the Office of the NSA and NITDA, stressing that to further improve the nation’s preparedness to secure cyberspace, the Cybercrime Advisory Council has also been inaugurated.

“The council is expected to facilitate the implementation of the Cybercrime Act, 2015, as well as the National Cybersecurity Policy and Strategy.
He noted that ICT is currently contributing up to 10 per cent of Nigeria’s GDP and has created over 10 million jobs in the past 10 years. Developments in the ICT sector have provided well over $32 billion in foreign direct investment (FDI) over the last 15 years. It is indeed one of the fastest growing sectors of the Nigerian economy which is the second largest ICT market in Africa. The number of Internet subscribers in Nigeria also rose from less than one million in 2003 to over 80 million in November 2015.

Speaking at the conference, Lawal noted that Nigeria’s greatest challenge today is insecurity and implored stakeholders in the ICT sector to work towards producing a reliable, actionable and appropriate IT policies, solutions and systems capable of tackling our security concerns as well as achieving our national development strategies and sustainable development goals.
He noted that this becomes necessary following the massive corrupt practices uncovered recently and the destruction mated to our people and national assets by terrorists, militants and kidnappers.

While stressing the need to leverage on IT to enhance national safety and security, Lawal added that ICT is a strong promoter of development for which government will continue to provide an enabling environment for it to thrive.