Expert warns as cyber threats rise, skills gap widens in Nigeria

Nigeria is facing a rise in cyber threats as the country’s digital economy expands faster than the supply of skilled cybersecurity professionals, according to industry experts.

The growth of digital banking, online payments and decentralised finance has increased exposure to cyber risks across sectors such as banking, telecommunications and infrastructure. These sectors have recorded more incidents of ransomware, data breaches and phishing attacks that use artificial intelligence, raising concerns about trust, service delivery and financial systems.

“Cybersecurity is no longer just an IT issue; it is a financial stability issue,” said Abayomi Titilola Olutimehin, a cybersecurity specialist whose work focuses on protecting financial institutions and decentralised finance platforms. “As more transactions move online, every weakness in a system becomes a direct risk to trust and capital.”

Nigeria’s cybersecurity structure is coordinated by the National Information Technology Development Agency, which sets digital standards, and the National Cybersecurity Coordination Centre under the Office of the National Security Adviser. Both bodies operate under the National Cybersecurity Policy and Strategy.

Despite this structure, cyber incidents continue to increase in number and complexity. Experts say attackers now rely on automated systems and artificial intelligence to scan networks, exploit gaps and target organisations of different sizes.

“We are seeing criminals adopt automation and artificial intelligence faster than many organisations are upgrading their defences,” Olutimehin said. “That gap is one of the biggest risks facing financial institutions today.”

The situation is made worse by a shortage of skilled professionals. Industry estimates show that Nigeria required more than 15,000 additional cybersecurity workers by 2024, with demand still growing across the private and public sectors.

“There is a serious talent gap, but it is also a major opportunity,” Olutimehin said. “Cybersecurity skills are in global demand, and Nigeria can build a strong workforce if training and certification are prioritised.”

Private companies have increased activity in security services and training. Firms such as Layer3, Digital Encode and Cyberfleet provide cybersecurity solutions, while institutions including NIIT, Utiva, New Horizons and Fibertrain offer professional training programmes.

Research by Olutimehin into banks and decentralised finance platforms shows that meeting regulatory rules does not prevent cyber incidents. She has called for wider use of artificial intelligence in threat detection and risk management.

“Compliance reduces risk, but it does not stop attacks by itself,” she said. “Security has to be intelligence-led and constantly evolving.”

Her work also points to weaknesses in decentralised finance systems, which operate without central controls and face risks such as smart contract exploits and flash loan attacks.

“Innovation without security is fragile,” she said, urging security audits and design standards for decentralised systems.

Analysts say Nigeria’s response will depend on policy enforcement, skills development and the ability to respond as cyber threats continue to change with the growth of the digital economy.