Nigeria Faces Surge in Cyber Threats as Digital Economy Expands — Olatunji

Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission, has raised fresh concerns over the rising scale of cyber threats in Nigeria, warning that the country’s accelerating digital transformation is being matched by an increasingly complex risk landscape.

Speaking at the IoT West Africa Conference, held alongside the Data Centre & Cloud Expo Africa in Lagos, Olatunji described the digital economy as a double-edged sword—unlocking growth while exposing systems to persistent cyber risks.

He noted that cyberattacks now occur globally every 39 seconds, with projected losses from cybercrime expected to reach $10.5 trillion annually. Within Nigeria, more than 4,000 cyberattacks are recorded weekly, accounting for nearly 45 per cent of incidents across Africa. In 2024 alone, these attacks resulted in losses exceeding ₦12 billion.

“While the digital economy continues to unlock new opportunities, it also expands the threat landscape. We must act decisively to secure our data and digital infrastructure,” he said.

Digital Economy Gains Momentum

Olatunji highlighted the growing role of data as a critical economic asset, describing it as “the new oil” powering technologies such as IoT, cloud computing, artificial intelligence, and digital platforms.

Nigeria’s digital economy, currently valued at approximately $18.3 billion, is projected to double within five years, driven by increased connectivity, mobile adoption, and sustained investment in infrastructure.

Globally, the digital economy is now the fastest-growing sector, contributing an estimated $28 trillion—about 22 per cent of global GDP—with emerging markets accounting for a significant share.

Rising Data Volumes, Mounting Pressure

He also pointed to the exponential growth in global data generation, estimated at over 402 million terabytes daily, with total data volumes expected to rise sharply in the near term.

According to him, this surge is placing unprecedented pressure on digital infrastructure, reinforcing the need for robust data protection, privacy safeguards, and secure data management systems.

Call for Coordinated Action

Olatunji stressed that protecting Nigeria’s digital future will require stronger collaboration across government, industry, and the broader technology ecosystem.

He outlined key priorities, including stricter enforcement of data protection regulations, increased investment in cybersecurity infrastructure, capacity building for professionals, and greater public awareness of data privacy rights.

“As data becomes central to economic growth, protecting it must become a national priority,” he said.

The conference brought together policymakers, industry leaders, and technology experts to examine the future of digital infrastructure and connected systems across Africa. Olatunji concluded that Nigeria must strike a balance between innovation and security to ensure trust, resilience, and sustainable growth in its digital economy.