DIGITAL ECONOMY AND THE MENACE OF CYBER CRIME IN NIGERIA

Abstract

Cybercrime has emerged as one of the major problems that faces Nigeria's socio-economic development, and the youths are its major victims. The economy and communication have been aided by the use of the internet and digital technologies, but there are new opportunities for criminals. This study investigates the root causes, the most prevalent types and the wide-ranging impacts of cybercrime in Nigeria and reviews the current state of the law and policies to tackle the menace. The research is qualitative (non-empirical) with secondary data which are obtained from academic literature, government reports and institutional publications. Thematic analysis uncovers the key points of cybercrime, namely unemployment, urbanisation, a lack of law enforcement, and a sense of societal value norms that are no longer recognised as values. The results also indicate that Cybercrime can manifest in various forms, such as online fraud, identity theft, hacking, phishing and others, that have a serious effect on economic stability, national security and youth development. The study found that while legislation, especially the Cybercrime Act, has been put in place to combat cybercrime, it is ineffective due to a lack of institutional capacity, implementation issues and socio-economic problems. Accordingly, the paper recommends a multi-stakeholder and all-encompassing strategy to effectively tackle cybercrime and develop a safe digital environment in Nigeria, which shall include the Government, the private sector, educational institutions, and the general public.