Dr. Vincent Olatunji, national commissioner of the Nigeria Data Protection Commission, has raised concerns over the growing scale of cyber threats accompanying Nigeria’s rapid digital expansion, calling for stronger data protection frameworks and collective vigilance across sectors.
Delivering a keynote address at the IoT West Africa Conference, held alongside the Data Centre & Cloud Expo Africa in Lagos, Olatunji highlighted the dual reality of digital transformation, immense economic opportunity coupled with escalating cybersecurity risks.
According to him, cyberattacks now occur globally every 39 seconds, with the financial impact of cybercrime projected to reach $10.5 trillion annually.
The NDPC boss noted that Nigeria alone records over 4,000 cyberattacks weekly, representing approximately 45 per cent of incidents across Africa. In 2024, these attacks resulted in financial losses exceeding ₦12 billion.
“While the digital economy continues to unlock new opportunities, it also expands the threat landscape. We must act decisively to secure our data and digital infrastructure,” Olatunji said.
Nigeria’s Digital Economy on the Rise
Highlighting the growing importance of data in the global economy, Olatunji described it as “the new oil,” powering innovations across the Internet of Things (IoT), cloud computing, artificial intelligence, and digital platforms.
He revealed that Nigeria’s digital economy is currently valued at approximately $18.3 billion and is projected to double within the next five years, driven by increased connectivity, mobile technology adoption, and investments in digital infrastructure.
Insights shared at the event also underscored the broader global impact of the digital economy. The sector is now the fastest-growing economic segment worldwide, contributing an estimated $28 trillion to the global economy, accounting for about 22 per cent of global GDP. Emerging markets alone contribute over $18.3 trillion, representing roughly 20 per cent of their GDP.
Data Explosion and Infrastructure Pressure
Olatunji further noted the unprecedented scale of global data generation, which currently stands at approximately 402.89 million terabytes daily.
This volume is expected to grow significantly, with total global data projected to rise from 181 zettabytes to 221 zettabytes in the near term.
This exponential growth, he said, is placing immense pressure on existing digital infrastructure, making data protection, privacy, and secure data management more critical than ever.
Call for Stronger Data Protection Measures
The NDPC boss emphasised that safeguarding Nigeria’s digital future requires coordinated action among government agencies, private sector players, and technology stakeholders.
He called for:
- Stronger enforcement of data protection regulations
- Increased investment in cybersecurity infrastructure
- Capacity building for data protection professionals
- Greater awareness of data privacy rights among citizens
“As data becomes central to economic growth, protecting it must become a national priority,” Olatunji stated.
A Defining Moment for Digital Transformation
The IoT West Africa platform brought together industry leaders, policymakers, and technology experts to explore the future of digital infrastructure, cloud computing, and connected technologies across Africa.
Olatunji concluded that Nigeria stands at a critical juncture where the benefits of digital innovation must be balanced with robust safeguards to ensure trust, resilience, and sustainable growth in the digital economy.
