Quest FM TV News – Special Report | August 11, 2025
Cybercrime remains one of Nigeria’s most pressing challenges, undermining its global reputation, stifling legitimate business opportunities, and discouraging foreign investment. In 2020 alone, the nation reportedly lost $800 million to various forms of online fraud, according to data compiled by Bruce, Lusthaus, Kashyap, Phair, and Varese (2024).
Financial institutions and individual consumers have been the primary victims, with a steady rise in cybercrime placing Nigeria in an increasingly negative global spotlight. Data from Springerlink indicates that cybercrime complaints in the country surged by 69.43 percent in recent years, alongside a 20 percent increase in financial losses. Experts project that by 2025, cybercrime will cost Nigeria — and other nations — trillions of dollars.
For many young Nigerians, particularly in the face of unemployment and low-paying jobs, internet fraud has become an attractive alternative. This trend has led some university students, both in Delta State and across the country, to abandon their studies altogether, pursuing quick financial gains through fraudulent online activities. Allegations have also emerged that some students engage in cybercrime to finance illicit payments to lecturers for passing grades, bypassing academic requirements.
The popular phrase “School na scam” — widely circulated among Nigerian youths — encapsulates this disillusionment with formal education. It has become a rallying cry for those who choose “hustling” through cyber fraud over pursuing degrees and building legitimate careers.
The consequences are far-reaching. Legitimate Nigerian entrepreneurs often find their proposals rejected by foreign investors wary of the country’s image. In 2020, Nigeria ranked 16th globally in cybercrime complaints, ahead of 179 other countries — a statistic that has limited Nigerians’ access to certain international services and platforms.
Analysts agree that unemployment is a major driver of the problem, and tackling it could significantly reduce the prevalence of cybercrime. However, experts caution that job creation alone is insufficient. The education system must be restructured to inspire students to value learning and see their majors as viable career paths.
By improving living standards, expanding economic opportunities, and restoring faith in education, Nigeria could not only curb cybercrime but also boost its economy and repair its international standing.
Reported by: Akise Progress Peter | Edited by: Chris Odjomah