Nigeria’s digital economy threatened by rising cyberattacks, says Pantami

Isa Pantami, minister of communications and digital economy, says the rapidly-growing sector is being threatened by cyberattacks.

Pantami spoke at the opening of a two-day cybersecurity stakeholders’ capacity-building workshop organised by the ministry in partnership with the World Bank in Abuja on Tuesday.

The minister said in the ever-evolving world of technology, cyber threats have become constant problems for businesses and organisations worldwide.

Pantami said with the country’s digital economy growing, there was an urgent need for protection.

Pantami, therefore, called for collaboration with the relevant industry players to contribute meaningfully in order to strengthen Nigeria’s cybersecurity space.

“It is important to note that cybersecurity is a global issue and collaboration between organisations is essential to combating cyber threats,” the minister said.

“In Nigeria, the digital economy is rapidly growing, and with that growth comes the need for heightened cybersecurity measures and robust partnerships like the one with the bank.”

Quoting a recent report by the Africa Cybersecurity Report, Pantami said, “cyberattacks in Africa have increased by 300 percent over the last year alone”.

“This trend is particularly worrisome given that Africa’s digital economy is on the rise,” he said.

“The World Bank has predicted that Africa’s digital economy could be worth $180 billion by 2025, representing a significant opportunity for growth and development across the continent.”

Pantami also said having a robust cybersecurity strategy cannot be overstated as it is essential to protect Nigeria’s digital infrastructure, businesses, and citizens.

He said the workshop was a crucial step towards securing Nigeria’s cyberspace and building the capacity of the stakeholders to tackle cybersecurity challenges effectively.

The minister assured that the government was committed to building resilient cybersecurity, hence the development and review of the national cybersecurity policy and strategy in 2022.

The policy, he said, provides a comprehensive framework for addressing cybersecurity challenges in the country, adding that privacy concerns and issues were also being addressed along with all the relevant stakeholders through the newly established Nigeria Data Protection Bureau (NDPB).

In addition, the minister appreciated the World Bank for its various interventions in Nigeria toward the full implementation of a digital economy.

Pantami said a secured cyberspace requires a collaborative effort from all stakeholders, including the private sector, civil society organisations and academia.

“This is because the task of securing our cyberspace cannot be achieved by the government alone,” he said.