National Information Technology Development Agency (NITDA) has said Nigeria loses over $500 million (about N250 billion) yearly to cybercrime, a figure that includes social media-related fraud.

It also identified weak passwords, phishing scams and SIM-swap fraud as the main causes of the rising wave of social media account hacking across the federation.

In an exclusive conversation with The Guardian, the agency said careless digital practices were giving cybercriminals easy access to thousands of accounts, with consequences ranging from financial loss to reputational damage and declining trust in online platforms.

According to NITDA, many Nigerians reuse the same passwords across different platforms, making it easy for hackers to compromise multiple accounts once those details are exposed.

“Phishing messages and fake websites also continue to deceive people into sharing their login details. SIM-swap fraud, where criminals take over a victim’s phone number to intercept verification codes, is another serious risk,” the agency said.

NITDA added that while there is no single figure capturing the total number of compromised accounts, reports received by its Computer Emergency Readiness and Response Team (CERRT) show a steady increase in incidents over the past year.

“Many cases go unreported, as victims often resolve the issue directly with the platform or do not know where to report. What we do know is that the trend is rising, driven by both the growing use of social media and the evolving tactics of cybercriminals.

“These incidents also discourage online transactions and erode public trust in digital platforms. Tackling the problem is not just a cybersecurity issue, but an important national economic priority,” the agency observed.

NITDA further disclosed that Nigeria faces a cybersecurity expert gap of over 90 per cent, a shortfall that leaves millions of users vulnerable.

To address this, the agency said it is investing in awareness campaigns, digital literacy programmes and capacity-building initiatives.

It listed partnerships with Coursera and Cisco, the Federal Government’s Three Million Technical Talent (3MTT) programme, as well as a recent review of the national university curriculum, which now embeds cybersecurity as a core component, as some of its ongoing efforts. (The Guardian)