$10.5tn cybercrime threat looms as Nigeria faces 45% attacks

A global cybercrime wave projected to cost $10.5 trillion annually is casting a long shadow over Nigeria, where the country now accounts for about 45 percent of reported cyberattacks in Africa, raising concerns over the safety of its fast-growing digital economy.

The warning was issued by Vincent Olatunji, the national commissioner and chief executive officer of the Nigeria Data Protection Commission (NDPC), during his keynote address at the IoT West Africa 2026 Conference in Lagos.

Olatunji said Nigeria is becoming an increasingly attractive target for cybercriminals due to its expanding digital ecosystem, growing internet penetration, and rising use of mobile and online services.

“Cyber threats are rising globally, but Nigeria is particularly exposed. As we build our digital economy, we must also strengthen our defences,” he said.

According to him, Nigeria experiences more than 4,000 cyberattacks every week, with financial losses exceeding N12 billion in 2024, largely from fraud, phishing scams, and ransomware incidents.

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Globally, cybercrime has reached alarming levels. Attacks now occur every 39 seconds, with over one million complaints filed annually. The average cost of a data breach stands at about $14.88 million, while 85 percent of breaches involve personal identifiable information, making individuals and organisations highly vulnerable.

Olatunji identified phishing and social engineering as the most common threats in Africa, with a 32 percent victim rate, up from 26 percent the previous year. Ransomware, he said, accounts for about 35 percent of total financial losses, while identity theft and data breaches contribute roughly 25 percent of overall digital economy losses.

In addition, more than 44,000 Distributed Denial-of-Service (DDoS) attacks are launched daily worldwide, targeting critical infrastructure such as banking systems, telecom networks, and government platforms.

“These attacks are no longer isolated incidents; they are systematic and coordinated. They disrupt services, steal sensitive data, and undermine trust in digital systems,” Olatunji said.

The rising threat comes at a time when Nigeria is trying to grow its digital economy, which is projected to contribute about $18.3 billion and nearly 20 percent of GDP by 2026.

However, experts warn that without strong cybersecurity and data protection measures, the country risks losing both economic value and public confidence.

Olatunji stressed that trust is the foundation of any digital economy, noting that organisations with strong data protection systems report up to 80 percent improvement in user trust.

“People will only participate in the digital economy if they feel their data is safe,” he said.

To tackle these risks, Nigeria has strengthened its legal and regulatory framework with the enactment of the Data Protection Act in 2023, followed by implementation guidelines in 2025.

The NDPC now requires organisations to adopt strict compliance measures, including data protection audits, appointment of data protection officers, and mandatory reporting of breaches within 72 hours.

Failure to comply can lead to heavy penalties, including fines and up to one year imprisonment, Olatunji said.

Despite these efforts, structural challenges remain. About 90 percent of Nigeria’s data is still hosted outside the country, leading to an estimated $850 million annual spending on foreign cloud services.

This dependence, he warned, exposes Nigeria to additional risks, including foreign surveillance, regulatory gaps, and slower response to cyber incidents.

“Data sovereignty is critical. If our data is not within our control, our ability to protect it is limited,” he said.

At the same time, the sheer volume of data being generated is adding pressure to existing systems. Global data has grown 90 times in the past 15 years, reaching 181 zettabytes, and is expected to rise to 221 zettabytes by 2026.

Daily data generation now stands at about 402.89 million terabytes, driven by video streaming, mobile usage, and over 21 billion connected devices worldwide.

Analysts say this rapid growth increases the attack surface for cybercriminals, making it harder for countries like Nigeria to keep up with evolving threats.

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To address this, Olatunji called for increased investment in local data infrastructure, including data centres, as well as stronger collaboration between government and the private sector.

Nigeria currently has 26 data centres, with capacity expected to grow from 136.7 megawatts in 2025 to 279.4 megawatts by 2030, reflecting rising demand for secure data storage and processing.

“Cybersecurity is not just a technical issue; it is an economic and national security priority,” he said.

Industry experts at the conference said Nigeria’s ability to balance digital growth with security will determine its competitiveness in the global economy.

As cyber threats continue to rise, the stakes are becoming higher. For Nigeria, the solution is to build a resilient digital system that can withstand attacks while supporting innovation and growth.

“The digital economy offers huge opportunities. But without security and trust, those opportunities could quickly turn into risks,” Olatunji affirmed.