By Juliet Umeh

The Economic and Financial Crimes Commission (EFCC) has issued a stark warning about the increasing threat of cybercrime in Nigeria, revealing that the country lost over $500 million to cyberattacks in 2022 alone.

Speaking at a National Cybercrime Summit, EFCC Chairman Ola Olukoyede expressed deep concern over the growing sophistication and impact of cybercriminal activities, both domestically and globally.

He highlighted that cybercrime has become the third-largest GDP in the world, with a staggering 2,328 cases reported daily.

Olukoyede stated: “The implications of this alarming trend are far-reaching. If left unchecked, cybercrime poses a grave threat to the entire world. In Nigeria, the financial toll has been substantial, with over $500 million lost in just one year.”

The EFCC chief emphasized that cybercrime accounts for a significant portion of the convictions secured by the agency in recent years, underscoring the agency’s ongoing battle against these digital criminals.

However, Olukoyede acknowledged the challenges posed by the rapid evolution of cybercrime techniques and the involvement of young people in perpetuating these illegal activities.

To address this issue, the EFCC is exploring alternative paths for young Nigerians with strong tech skills. The agency is encouraging them to channel their talents into legitimate and socially beneficial endeavors, such as developing innovative applications and contributing to various industries like the creative sector, tech ecosystem, financial services, and law enforcement.

“The fight against cybercrime is a collective effort. The EFCC cannot combat this threat alone. We need the support of all stakeholders, including government agencies, private organizations, and individuals, to raise awareness, strengthen cybersecurity measures, and foster a digital environment that is safe and secure for all,” Olukoyede concluded.