Nigeria is losing approximately 1% of its GDP or around NGN127-billion to cybercrime, according to the West African country's National Security Adviser Maj-Gen. Babagana Monguno.

Monguno says cyber criminals pose a significant threat to Nigeria's national security, with particular risk to governance, critical infrastructure, and the economy at large.

The situation is exacerbated by a low level of awareness around cyber security, and the fact that guidelines and minimum standards related to government websites (and those that house highly sensitive databases) are not being enforced, he added.

Quoting the 2014 annual report of the Nigeria Deposit Insurance Corporation (NDIC), the security adviser said between 2013 and 2014 e-payment fraud in Nigeria increased by 183%.

Monguno added, "Global tracking of cyber-attacks indicate that Nigeria is among countries with high cases of software piracy, intellectual property theft and malware attacks. The situation is a serious challenge to our resolve to take advantage of the enormous opportunities that the internet brings, while balancing and managing its associated risks."

"The importance of serious action to protect the nation's cyberspace, increased tremendously with growth in number of Nigerians connected to the internet, from less than a million in 2003 to over 80 million in November 2015," he said.

In addition to increased collaboration between government and no-government stakeholders to counter the numerous threats, Monguno suggested the review of the Evidence Act 2011 to enable courts to accept evidence in electronic formats.

The West African country has established a Cybercrime Advisory Council (CAC), to be headed by the NSA, tasked with coordination and technical cooperation of policy, legislation and capacity building (such as training of cybersecurity personnel, investigators, digital forensics personnel, prosecutors, judges and lawmakers).