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A Situation Analysis on Cybercrime and its Economic Impact in Nigeria

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International Journal of Computer Applications
Foundation of Computer Science (FCS), NY, USA
Year of Publication: 2017
Authors:
Muhammad Ubale Kiru, Sulaiman Isyaku Muhammad
10.5120/ijca2017914788

Muhammad Ubale Kiru and Sulaiman Isyaku Muhammad. A Situation Analysis on Cybercrime and its Economic Impact in Nigeria. International Journal of Computer Applications 169(7):19-29, July 2017. BibTeX

@article{10.5120/ijca2017914788,
	author = {Muhammad Ubale Kiru and Sulaiman Isyaku Muhammad},
	title = {A Situation Analysis on Cybercrime and its Economic Impact in Nigeria},
	journal = {International Journal of Computer Applications},
	issue_date = {July 2017},
	volume = {169},
	number = {7},
	month = {Jul},
	year = {2017},
	issn = {0975-8887},
	pages = {19-29},
	numpages = {11},
	url = {http://www.ijcaonline.org/archives/volume169/number7/27996-2017914788},
	doi = {10.5120/ijca2017914788},
	publisher = {Foundation of Computer Science (FCS), NY, USA},
	address = {New York, USA}
}

Abstract

Nigeria has begun to experience one of its difficult times when cybercrimes started to escalate day by day and causing loss of billions of dollars since then. The need to address this issue has become paramount before more damage is done. Nigeria being one of the countries whose economic infrastructure is at the peak of developing has to do more in terms of fighting cybercrime before it damages the economic growth of the country. Foreign investors are finding Nigeria among the suitable places to invest and build IT industries due to its sudden growth and acceptance of information technology and other technological advancements. Thus, the critical objectives of this research work are to find out and discuss the trending cyber-crimes that have surfaced in Nigeria’s financial dealings from the last few years to date as well as the impact they make Nigeria’s economy. Based on that, this paper has covered a range of contemporary cyber threats and attacks that are crippling Nigeria’s financial institutes and other agencies whose services rely on the internet platform. Furthermore, recommendations on how to identify these threats are enumerated as well as the countermeasures or approaches to mitigating them.

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Keywords

Cybercrimes, Economy, Cyber-attacks, Nigeria.