Cybercrime and Its Implications on Economic Development of Nigeria (a Case Study of Efcc, Abuja)

Chapter One of Cybercrime and Its Implications on Economic Development of Nigeria (a Case Study of Efcc, Abuja)

Abstract of Cybercrime and Its Implications on Economic Development of Nigeria (a Case Study of Efcc, Abuja)

This paper aims to analyze cybercrime and its implications on economic development of Nigeria (A case study of EFCC, Abuja)

The problem of cybercrime victims is made worst by the seeming inability of law enforcement agents to effectively prosecute offenders. Clearly, law enforcement has not been able to keep up with technological advances to prevent cybercrime.

The rising spate of cybercrime globally and its attendant negative consequences has continued to call for immediate actions. As technology advances, novel methods are used to perpetrate cyber related crimes. Nigeria is not immune to these attacks, even though statistics show a decline in cybercrime losses in the country in recent times. That could be associated with the achievements recorded by fraud-prevention agencies such as the EFCC and other law enforcement agencies and provision of a legal framework for fighting cybercrime through the enactment of Nigerian Cybercrime Act 2015. Nevertheless, it is expected that the cost of cybercrime may continue to increase as the convergence of IT and finance (FINTECH) becomes obvious globally and with the rise of crypto currency and the anonymity of transactions. There is therefore the need to take proactive steps to curb the menace. Cybercrime poses a great risk to the economy, hence the need to institute an effective risk management system and enhancement of the capacity to carry out forensic investigation to tackle it. Also, collaborative efforts of governments, corporate entities and the citizenry could play a vital role in checking cybercrimes. Cyberspace is a challenging environment that is fast and continuously evolving. Hence, the challenge is for those charged with the responsibility of security in various quarters to be abreast of developments in the cyber world. The economic vitality and national security largely depend on a stable, safe and resilient cyberspace.