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Nigeria loses N78bn ($391 million) yearly to cyber crime

Nigeria loses N78bn ($391 million) yearly to cyber crime


Nigeria loses about N78 billion ( $391 million) yearly to cyber crime, the Minister of Communications, Adebayo Shittu, announced.

He said financial institutions, ministries, departments and agencies (MDAs) and their affiliates have become targets for people who engage in cyber crimes.

He called on Nigerian universities to breed talents who can design softwares and programs to check the activities of cyber criminals in the country.

He said his ministry has submitted recommendations to the government on how to resolve these crimes.

Shittu reiterated that government was doing all it could to resolve the menace adding that there is a need to create synergy between government and institutions in human capital development.

He said government created ICT institutions that are currently contributing up to 10 percent of Nigeria’s GDP. It had also created over 10 million jobs in the past 10 years.

Shittu said President Muhammadu Buhari is planning to lay the foundation for sustainable growth for the education sector by improving upon the quality of education in Nigerian universities.

“This is evident from the percentage that has been earmarked for education in the 2016 budget of change. This percentage for education in the 2016 budget proposal reveals the administration’s commitment to the improvement of the standard of education,” he said.