Nigeria faces rising cybercrime losses despite falling fraud incidents

Nigeria is experiencing a complex cybersecurity landscape where reported fraud incidents have decreased by nearly 46% over the past four years, yet financial losses from cybercrime are on the rise, according to Check Point Software. This trend is attributed to sophisticated schemes developed by cybercriminals who are increasingly targeting the nation's rapidly digitizing economy, with further coverage provided by Dark Reading.

Nigeria's digital transformation has made it a prime target for cybercriminals. In June 2026, organizations in the country faced an average of 4,361 attempted attacks weekly, ranking it second in Africa for cyber threats. While the volume of detected threats fluctuates, it consistently remains elevated, often double the global average. The Nigerian government is developing a new cybersecurity framework, expected later this year, which will mandate incident reporting, set minimum cybersecurity investment levels, and foster public-private collaboration.

Despite a decrease in the number of reported fraud incidents, financial losses have escalated, with digital payment fraud reaching ₦25.85 billion (US$18.7 million) in 2025. Insider threats, including SIM swap fraud and account compromise, are significant contributors to these losses. Many organizations, particularly smaller businesses, lack adequate training and resources, making them more vulnerable. The country's cybersecurity maturity is ranked at a moderate level, and effective enforcement of existing regulations, such as the Data Protection Act, will be crucial to combatting the growing financial impact of cyberattacks.

Source: Dark Reading