‘Nigeria Loses N78b Yearly To Cyber Crimes’

Nigeria loses about N78 billion yearly to cyber crimes, the Minister of Communications, Adebayo Shittu, has said.

He said financial institutions, Ministries, Departments and Agencies (MDAs) as well as their affiliates have become targets for people who engage in cyber crimes.

The Minister, who spoke in Abuja yesterday at the opening of a five –day capacity enhancement and sustainability workshop for Africa Centres for Excellence organised by the National Universities Commission (NUC), said his ministry has submitted recommendations to the government on how to tackle cyber crimes.

“It is also note worthy to mention here that Nigeria currently loses about 78 billion yearly to activities of cyber criminals whose major targets are the financial institutions, and the MDAs, as well as their affiliates,” he said.

He said President Muhammadu Buhari, through his 2016 Budget, was planning to lay the foundation for sustainable growth of the education sector by improving upon the quality of education in Nigerian universities.

“In line with the government’s decision to build upon existing infrastructure, President Buhari is planning to lay the foundation for sustainable growth of the education sector and to improve upon the quality of education in Nigerian Universities.

“This is evident from the percentage that has been earmarked for education in the 2016 budget of change. This percentage for education in the 2016 budget proposal reveals the administration’s commitment to the improvement of the standard of education.”

In his address, Minister of Education, Mallam Adamu Adamu, said the 10 Africa Centers of Excellences have boosted the image of Nigeria’s higher education.

The minister assured the gathering that the government would work to sustain the project in the country.

He said: “These 10 Africa Centres of Excellences in the country have boosted the image of Nigeria’s higher education and they are making our universities look and sound even more competitive.

“The Federal Government will continue to provide a conducive environment and a level playing ground for all Nigerian universities to develop since all our universities are producing graduates for the same labour market.”

The ACE is a regional higher education project for West and Central Africa with support from the World Bank. The project will end in 2018.