Nigeria N3.133trn cybercrime yearly NITDA DG
The Conversation

The National Information Technology Development Agency, NITDA has revealed that Nigeria loses close to N3.133 trillion to cybercrime and foreign software every year.

The Director-General of the agency, Dr. Isa Ibrahim Pantami who shared this at a stakeholders engagement on Nigerian Software Testing Guidance, NSTG, and the Guidelines for Information Systems Audit, GITA, in Abuja, also said N127 billion is lost to cybercrime yearly based on Nigeria’s incompetence to properly protect information systems.

Dr. Isa said that for services to be delivered safely, it is important to safeguard Nigeria’s information system. He added that it has become absolutely vital to always protect the nation’s information systems from negative breaches.

His words, “There is urgent need to continually protect the country’s information system from being compromised. Today, most business processes are carried out electronically, and large amounts of information are stored, processed and transmitted over IT networks, which means businesses, administrations and citizens depend on proper operations of the information technology used.”

“Nigeria loses about N127 billion to cybercrimes yearly. This is caused in part by our inability to adequately secure our Information Systems, IS. Therefore, securing our IS is a must, if we want to guarantee the safe delivery of our services.”

Nigeria N3.133trn cybercrime yearly NITDA DG
The Guardian Nigeria

Dr. Ibrahim added that the local software market in the country loses about ten billion dollars every year in their battle versus effective competition from foreign software used to satisfy local wants, where local software should’ve solved the problem.

“Our indigenous software market has not been left out of the challenges of growth trend with stiff competition from foreign software. This trend has affected the growth of the local software sector, which is now in excess of $10 billion, if well harnessed.

“The importance of software testing cannot be overemphasized in today’s rapidly growing technological environment as the global IT industry may reach $5trillion this year.”

To further enhance the federal government’s plans to make sure government services go online and digital, Dr. Isa said NITDA established 2 regulatory guidelines, NSTG and GISA, for expert ideas from stakeholders solely to ensure a positive implementation of the drafts.

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