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The rise of cybercrime in Nigeria

Cybercrime (Source: The Nation)

The Economic and Financial Crimes Commission (EFCC) has decried the rampant rise of cybercrime, popularly known as ‘Yahoo Yahoo’, among youths in Nigeria, noting its significant threat to the nation’s image around the globe. According to the commission, over 2,800 persons have been convicted of cybercrime across the country as of October 2022, with the majority being young Nigerians.

The economic impact of cybercrime: In May, the Nigerian Communications Commission (NCC) reported that Nigeria loses roughly $500 million annually to cybercrime with a substantial increase in the sophistication of online criminals.

The way forward: In an interview, the founder and Executive Director of CyberSafe Foundation, Confidence Staveley, asserted that “government needs to aggressively drive digital skills acquisition programmes for youths, national image repair campaigns, make ease of business a reality and genuinely improve our economy to give our young people better options to earn decent and legitimate income.”

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