Nigeria Records 4,000 Weekly Cyberattacks as Digital Economy Loses ₦12bn Annually

Nigeria’s digital economy is expanding rapidly, but rising cyber threats and weak infrastructure are creating significant financial and security risks.

According to figures presented by the Nigeria Data Protection Commission (NDPC) at the IoT West Africa Conference 2026, the country records more than 4,000 cyberattacks every week, with estimated losses of about ₦12 billion in 2024.

The report further showed that around 90 per cent of Nigeria’s data is hosted outside Africa, resulting in about $850 million spent annually on foreign cloud infrastructure, raising concerns over data sovereignty, cybersecurity exposure, and economic leakage.

NDPC Chief Executive Officer, Dr. Vincent Olatunji, said the country’s digital economy is growing but remains exposed due to gaps in infrastructure and protection systems.

He stated that the global digital economy may reach $28 trillion by 2026, while Nigeria’s estimated $18.3 billion digital economy contributes nearly 20 per cent to GDP, driven by mobile use, AI, and IoT adoption.

“Data is no longer just an asset; it has become critical infrastructure,” Olatunji said, stressing the need for stronger regulation and infrastructure development.

Nigeria accounts for about 45 per cent of Africa’s reported cybercrime incidents, making it one of the continent’s most targeted digital environments.

Common attacks include phishing, ransomware, business email compromise, DDoS attacks, and identity theft targeting financial and telecom systems.

“Cyberattacks are now occurring every 39 seconds globally,” Olatunji warned, adding that no digital economy can afford to ignore the threat.

He also highlighted concerns over data control, noting that Nigeria’s reliance on foreign servers—hosting about 90 per cent of national data abroad—creates major sovereignty risks.

“Data sovereignty is not optional. It determines who controls national information, who profits from it, and how secure citizens are in the digital space,” he said.

Nigeria currently has about 26 data centres with 136.7 megawatts capacity, expected to rise to 279.4 megawatts by 2030, but regulators say this is still inadequate for emerging technologies.

Cybersecurity expert Dr. Peter Obadare warned that innovation without strong safeguards increases exposure, especially in financial systems.

“In cybersecurity, regulation is not excessive, it is necessary,” he said, noting that attackers often exploit weak system design rather than advanced techniques.

Industry experts say cyber threats are becoming more sophisticated, while poor security implementation continues to worsen vulnerabilities.

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