The Economic and Financial Crimes Commission (EFCC) has disclosed that Nigeria suffered a financial loss exceeding $500 million to cybercrime in 2022. Speaking at the National Cybercrime Summit in Abuja on Tuesday, EFCC Chairman Ola Olukoyede highlighted the increasing threat of cyber-related crimes in the country.
“Projections by multiple sources show that global losses to cybercrimes may reach a staggering $10.5 trillion. In fact, research earlier this year confirmed that cybercrime has become the third-largest GDP in the world, with approximately 2,328 cases occurring daily,” Olukoyede stated during his address. “In Nigeria alone, over $500 million was lost to cybercrime in 2022.”
Olukoyede emphasized the growing challenge cybercrime poses, noting that it accounted for a significant portion of the EFCC’s operations. “Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC.”
In response to the crisis, the EFCC is implementing initiatives to redirect the efforts of young Nigerians, who are often the perpetrators of these crimes. “First, there is an alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud,” he explained, stressing the potential of the tech industry, financial services, and other sectors for providing legitimate income avenues.
The EFCC chairman called for collective action, stating, “The fight against cybercrime cannot be left solely to the EFCC. It is a battle that requires cooperation from every sector of society.”
This summit aims to encourage young Nigerians with tech skills to explore legal opportunities in sectors such as law enforcement, finance, and technology.
