Nigeria Deepens Cybersecurity Efforts as Cybercriminals See More Profits

Nigeria is experiencing persistently elevated cyberattack volumes and growing financial losses from fraud despite a decline in reported incident counts; common schemes include SIM-swap, phishing, and account compromises often aided by insider involvement. Authorities and industry are advancing a cybersecurity framework (mandatory breach reporting, minimum security spending, and public-private intelligence sharing), but enforcement, reporting compliance, and resource/training gaps — especially among smaller businesses — remain key weaknesses.