August 26, 2025
The National Information Technology Development Agency (NITDA) has warned that Nigeria is losing over $500 million annually to cybercrime, with social media–related fraud accounting for a significant share of the losses.
In an exclusive interview with The Guardian, the agency said poor digital practices such as weak and reused passwords, phishing scams, and SIM-swap fraud were the major drivers of the rising wave of account compromises across the country.
According to NITDA, many Nigerians continue to recycle the same login details across platforms, making it easier for cybercriminals to gain access once those credentials are exposed. The agency also highlighted the growing threat of phishing messages and fraudulent websites that trick users into surrendering personal information, as well as SIM-swap schemes that allow criminals to hijack victims’ phone numbers and intercept verification codes.
While NITDA placed the yearly losses at over $500 million, the naira equivalent quoted in the report — ₦250 billion — reflects an outdated exchange rate. Based on the current Central Bank and market rates of around ₦1,530 to the dollar (as of August 26, 2025), the figure would equal approximately ₦765 billion.
NITDA urged Nigerians to adopt stronger digital hygiene practices, including using unique and complex passwords, enabling two-factor authentication, and exercising caution when interacting with online messages and links.
