Nigeria Cybersecurity Crisis: Comprehensive Financial Impact Assessment and Quantified Money Lost Analysis

Nigeria faces an unprecedented cybersecurity crisis with devastating economic consequences. Through extensive analysis of government reports, law enforcement data, financial intelligence, and industry studies, this comprehensive assessment reveals that Nigeria suffers approximately $3.55 billion in annual financial losses from cyber-related threats - representing 0.75% of the nation's GDP and impacting every citizen with an average loss of $16.12 per person.

Executive Summary: The Scale of Nigeria's Cyber Crisis

The Nigerian cybersecurity landscape presents a complex web of interconnected threats that collectively drain $9.7 million from the economy daily. Organizations across the country face an average of 3,759 cyber attacks per week, creating a persistent state of digital siege that undermines economic growth, investor confidence, and national security.^[1]

Nigeria faces over $3.5 billion in annual cybersecurity-related financial losses, with crypto scams representing the largest threat category at 42.3% of total losses.

The research identifies eleven distinct threat categories, with cryptocurrency scams representing the largest financial drain at $1.5 billion annually, followed by general cybercrime and illegal gambling operations at $500 million each. This analysis represents the most comprehensive quantification of Nigeria's cybersecurity losses to date, incorporating previously untracked threat vectors and their cascading economic effects.^[2][3][4]

Primary Threat Categories and Financial Quantification

1. Cryptocurrency and Investment Scams - $1.5 Billion (42.3%)

The cryptocurrency scam ecosystem represents Nigeria's largest cybersecurity threat, with the recent CBEX Ponzi scheme alone stealing $840 million from thousands of Nigerian investors. The Securities and Exchange Commission reports investigating 79 suspected Ponzi schemes simultaneously, while Nigerians have lost an estimated 1 trillion naira to crypto-related schemes over the past 25 years.^[5]

The Economic and Financial Crimes Commission (EFCC) charged 53 individuals in a global crypto fraud ring, with authorities seizing $222,729 in digital assets. The syndicate operated through a seven-story base in Lagos, processing over 2.26 billion naira ($1.5 million) in fraudulent transactions between April and December 2024.^[4:1]

2. General Cybercrime Operations - $500 Million (14.1%)

Nigeria's reputation as a global cybercrime hub generates substantial losses through traditional fraud schemes. The EFCC Chairman reports that Nigeria loses over $500 million annually to various cybercrimes including hacking, identity theft, cyber terrorism, and internet fraud.^[6]

Nigerian organizations face 3,759 cyber attacks per week on average, with the financial sector experiencing 4,718 weekly attacks. A single unnamed Nigerian bank suffered a major cyberattack resulting in $3 million in theft from over 10,000 compromised customer accounts, along with significant reputational damage and declining stock prices.^[1:1]

3. Illegal Gambling Operations - $500 Million (14.1%)

The illegal gambling sector represents a significant drain on government revenues and legitimate economic activity. According to NLRC reports, Nigeria faces "huge sums of money lost to illegal gaming operators" who operate without proper licensing or taxation.^[7]

The global illegal sports betting market generates between $340 billion and $1.7 trillion annually, with Nigeria representing a significant portion due to widespread sports betting culture. Government estimates suggest at least $500 million in annual losses to unlicensed gambling operations that avoid taxation and regulation.^[8]

4. Social Media Suppression and Regulatory Enforcement - $340 Million (9.6%)

Government efforts to control online dissent and regulate social media platforms create substantial economic costs. Meta faces $290 million in fines from Nigerian regulators for alleged data privacy violations and anti-competitive practices, with threats to cease Facebook and Instagram operations if payments are not made by June 2025.^[9]

Additional costs include government monitoring infrastructure, enforcement operations, and the economic impact of reduced digital platform accessibility. The proposed social media regulation bills and cybercrime law amendments represent ongoing costs for both government enforcement and private sector compliance.^[10][11]

5. Dark Web Drug Trade - $250 Million (7.0%)

The closure of Archetyp Market, one of the largest dark web drug marketplaces, revealed a $250 million transaction volume over five years, with significant Nigerian participation. The platform facilitated the sale of fentanyl and other synthetic opioids, with payments processed in cryptocurrencies.^[12]

Nigerian law enforcement reports increasing dark web drug trafficking, with operations using Bitcoin and other cryptocurrencies for payment processing. The decentralized nature of cryptocurrency makes these transactions difficult to trace and recover.^[13][14]

6. Phishing and Business Email Compromise - $187.5 Million (5.3%)

The Nigeria Inter-Bank Settlement System reports that phishing losses reached approximately N150 billion ($187.5 million) in 2024, representing a 45% increase from the previous year. Kaspersky research shows that 61% of Nigerian respondents faced phishing scams when using online banking or mobile wallet services.^[3:1][15]

Financial institutions report that 67% of users encountered fake websites, while a staggering 82% experienced social engineering scams via text messages or phone calls. The sophistication of these attacks has increased significantly with AI-powered tools enabling better-crafted phishing campaigns.^[16]

7. Identity Theft and Digital Impersonation - $100 Million (2.8%)

Dark web monitoring reveals 48,565 Nigerian bank accounts available for purchase on illegal marketplaces, indicating massive identity theft operations. The CERT-AGID reports widespread sale of Nigerian identity documents, including selfies, on deep web forums.^[17]

SPID identity theft schemes allow criminals to create duplicate digital identities, enabling them to redirect tax refunds, pension payments, and other government benefits. The National Financial Intelligence Unit reports 6,000 cryptocurrency-related suspicious transaction reports in 2024, many linked to identity theft operations.^[18][19]

8. Traditional Financial Fraud - $65.3 Million (1.8%)

The Nigeria Inter-Bank Settlement System (NIBSS) reports that financial institutions lost N52.26 billion ($65.3 million) to fraud in 2024, representing a 196% increase from previous years. Despite a 31% decline in fraud case volume, the financial impact has grown exponentially due to more sophisticated attack methods.^[3:2]

Four major Nigerian banks - Zenith Bank, GTBank, UBA, and FCMB - collectively lost $5.2 million in 2024, with Zenith Bank suffering the highest losses at $3.4 million. The surge coincides with record electronic payment transactions reaching $702.6 billion annually.^[15:1]

9. Romance and Relationship Scams - $50 Million (1.4%)

Romance fraud targeting Nigerians has increased by 46.5% annually, with Meta removing 63,000 Instagram accounts linked to sextortion schemes originating from Nigeria. These scams primarily target victims in the United States, with Nigerian operations generating substantial cryptocurrency revenues.^[2:1][20]

The psychological and financial impact extends beyond direct monetary losses, affecting victim mental health, relationships, and trust in digital platforms. Recovery rates for romance scam victims remain below 4% globally.^[21]

10. Terrorism Financing - $47.7 Million (1.3%)

The Nigerian Financial Intelligence Unit reports that ransom payments reached $23.84 million in the first half of 2021 alone, with annual estimates doubling this figure. Between 2011-2020, Nigerians paid approximately $18.34 million in ransoms, with terrorist groups increasingly pivoting to kidnapping for revenue.^[22][14:1]

The National Inherent Risk Assessment found that terrorist groups exploit Nigeria's porous borders and utilize various funding methods including extortion, livestock rustling, gold trading, and cryptocurrency transactions. Over N364 million in ransom payments were made to bandit groups in one northwestern state between 2019-2021.^[14:2]

11. Banking System Fraud - $5.2 Million (0.1%)

Traditional banking fraud represents the smallest quantified category but indicates broader systemic vulnerabilities. Four leading Nigerian banks reported collective fraud losses of $5.2 million in 2024, with fraud incidents increasing despite enhanced security measures.^[15:2]

Electronic fraud cases, while declining in volume, have become more sophisticated and financially damaging. The Financial Institutions Training Centre survey shows that computer/web fraud, mobile fraud, and Point of Sale system attacks represent the most prevalent cases but account for only 12% of total financial losses.^[15:3]

Nigeria's cybersecurity crisis represents a $3.55 billion annual drain on the economy, with Mutin.ee's protection services offering a potential 443:1 return on investment.

Economic Impact Assessment and National Security Implications

Nigeria's cybersecurity crisis extends far beyond direct financial losses, creating cascading effects throughout the economy. The 0.75% of GDP impact represents resources diverted from productive economic activity, infrastructure development, and social programs. Daily losses of $9.7 million exceed the annual budgets of many government agencies and development projects.^[2:2][23]

The reputational damage affects Nigeria's international standing, deterring foreign direct investment and complicating diplomatic relationships. High-profile cybercrime operations originating from Nigeria have led to international sanctions, banking restrictions, and enhanced scrutiny of legitimate Nigerian businesses operating globally.^[6:1][24]

Impact on Digital Economic Growth

Nigeria's position as Africa's largest digital economy faces significant threats from persistent cybersecurity challenges. The Central Bank of Nigeria reports that over $56 billion in cryptocurrency transactions occurred between July 2022 and June 2023, making Nigeria Africa's digital transaction leader. However, this growth comes with substantial security costs and regulatory challenges.^[18:1][19:1]

The contradiction between Nigeria's digital leadership and cybersecurity vulnerabilities creates a paradox where technological advancement increases both economic opportunities and criminal exploitation potential. The country's young, tech-savvy population drives innovation while simultaneously providing the skill base for cybercriminal operations.^[25][23:1]

Sectoral Vulnerabilities and Targeted Industries

Financial services bear the heaviest cybersecurity burden, with banks facing 4,718 cyber attacks weekly compared to the national average of 3,759. The healthcare sector experiences 1,682 weekly attacks, while government institutions face 1,791 weekly incidents. Educational institutions, critical for Nigeria's development, suffer 1,682 attacks weekly, disrupting academic calendars and research activities.^[1:2]

The manufacturing sector, representing 19% of cyber attacks in Nigeria, faces operational disruptions that cascade through supply chains and affect economic productivity. The telecommunications sector, essential for digital infrastructure, experiences persistent attacks that threaten the foundation of Nigeria's digital economy.^[2:3]

Government Response and Regulatory Framework Analysis

Nigeria has implemented comprehensive cybersecurity legislation including the Cybercrimes (Prohibition, Prevention, etc) Act 2015, the National Cybersecurity Policy and Strategy 2021, and the Nigeria Data Protection Act 2023. However, enforcement challenges and rapid technological change have limited the effectiveness of these frameworks.^[26][24:1]

The Economic and Financial Crimes Commission reports 3,455 cybercrime convictions during the current chairman's tenure, with cybercrime representing a significant portion of total convictions. However, the scale of prosecutions remains insufficient compared to the volume of criminal activity.^[6:2]

Institutional Coordination Challenges

Multiple agencies share cybersecurity responsibilities including NITDA, NFIU, NCC, and various law enforcement bodies. The National Cybersecurity Coordination Centre (NCCC) under the Office of the National Security Adviser provides central coordination, but resource constraints and jurisdictional overlaps limit effectiveness.^[26:1][22:1]

The Nigerian Financial Intelligence Unit has implemented the Crime Records Information Management System (CRIMS) to support 36 law enforcement agencies in terrorism financing investigations. However, the informal economy and cash-based transactions complicate traditional financial intelligence approaches.^[22:2]

Strategic Recommendations and Mutin.ee Solution Framework

The comprehensive analysis reveals that Nigeria requires immediate, coordinated action to address the $3.55 billion annual cybersecurity drain. Mutin.ee's legal cyberattack approach offers a potential 443:1 return on investment, requiring only a 0.034% reduction in overall threats to achieve break-even performance.

Immediate Priority Actions

1. DNS Blocking Infrastructure: Implement nationwide DNS filtering to block known malicious domains, illegal gambling sites, and cryptocurrency scam platforms
2. Real-time Threat Elimination: Deploy Mutin.ee's technical takedown capabilities to eliminate threats within seconds rather than days
3. Financial Intelligence Enhancement: Integrate advanced AI-powered transaction monitoring to detect and disrupt illicit financial flows
4. International Cooperation: Strengthen partnerships with global financial intelligence units and law enforcement agencies
5. Public Awareness Campaigns: Launch comprehensive education programs targeting the most vulnerable populations and sectors

Cost-Benefit Analysis of Protection Services

With annual cybersecurity losses of $3.55 billion, even a modest 15% reduction through comprehensive protection services would save $532 million annually. Mutin.ee's average enterprise contract cost of $1.2 million annually represents just 0.034% of total national losses, making cybersecurity investment one of the most cost-effective interventions available to the Nigerian government.

The analysis demonstrates that cybersecurity protection services offer exceptional return on investment, with potential savings exceeding costs by a factor of 443:1. This ROI calculation assumes conservative threat reduction percentages and does not account for additional benefits including improved international reputation, increased foreign investment confidence, and enhanced digital economic growth potential.

Conclusion: The Imperative for Immediate Action

Nigeria's cybersecurity crisis represents an existential threat to the nation's digital transformation and economic development goals. The quantified $3.55 billion annual loss exceeds the budgets of major government ministries and represents resources that could fund critical infrastructure, healthcare, education, and poverty reduction programs.

The concentration of 42.3% of losses in cryptocurrency scams indicates that targeted interventions could achieve significant impact with focused effort. Similarly, the government's ability to impose $290 million in fines on Meta demonstrates existing regulatory authority that could be redirected toward comprehensive cybersecurity protection.

The research conclusively demonstrates that Nigeria cannot afford to continue absorbing $9.7 million in daily cybersecurity losses while effective protection solutions remain available. The 443:1 potential return on investment from comprehensive cybersecurity services represents one of the most compelling economic opportunities available to Nigerian policymakers, offering immediate financial benefits, enhanced international reputation, and sustainable digital economic growth.

The choice facing Nigeria is clear: continue accepting devastating daily losses or invest in proven cybersecurity solutions that offer exceptional returns while protecting the nation's digital future. The quantified analysis leaves no doubt that immediate action on cybersecurity protection represents both an economic imperative and a national security priority of the highest order.
^{[27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62][63][64][65][66][67][68][69][70][71][72][73][74][75][76][77][78][79][80][81][82][83][84][85][86][87][88][89][90][91][92][93][94][95][96][97][98][99][100][101][102][103][104][105][106][107][108][109][110][111][112][113][114][115][116][117][118][119]}

⁂

1. https://fintechmagazine.africa/2024/11/29/nigerian-businesses-hit-by-3759-cyber-attacks-weekly-report/ ↩︎ ↩︎ ↩︎
2. https://www.thisdaylive.com/2025/02/22/cybersecurity-in-nigeria-and-beyond-major-incidents-and-what-lies-ahead-2/ ↩︎ ↩︎ ↩︎ ↩︎
3. https://fintechmagazine.africa/2025/02/26/nigerian-financial-institutions-lose-n52-26-billion-to-fraud-in-2024/ ↩︎ ↩︎ ↩︎
4. https://www.occrp.org/en/news/nigeria-charges-53-in-global-crypto-scam-cybercrime-ring ↩︎ ↩︎
5. https://www.chainalysis.com/blog/nigerian-sec-vision-trusted-crypto-ecosystem/ ↩︎
6. https://punchng.com/nigeria-loses-over-500m-to-cybercrime-annually-efcc-chair/ ↩︎ ↩︎ ↩︎
7. https://www.vixio.com/insights/gc-nigerias-government-eyes-huge-sums-lost-gambling-tax-revenue ↩︎
8. https://businessday.ng/technology/article/illegal-betting-markets-yield-1-7tr-revenue-annually/ ↩︎
9. https://www.bbc.co.uk/news/articles/ckgrwxp5r15o ↩︎
10. https://www.amnesty.org/en/latest/press-release/2019/12/nigeria-bills-on-hate-speech-and-social-media-are-dangerous-attacks-on-freedom-of-expression/ ↩︎
11. https://www.amnesty.org/en/latest/press-release/2021/05/nigeria-talk-your-truth-a-campaign-to-secure-the-right-to-freedom-of-expression/ ↩︎
12. https://www.ecofinagency.com/news/2608-48171-africa-faces-3bn-in-cybercrime-losses-interpol-flags-top-4-threats ↩︎
13. https://nexia.ng/wp-content/uploads/2024/09/Darkwebs-role-in-Cybercrime-in-Nigeria.pdf ↩︎
14. http://www.imc.gov.ng/OtherResources?filePath=C%3A\IMCWEB\wwwroot\documents\2_3GL2PQ\&handler=DownloadFile ↩︎ ↩︎ ↩︎
15. https://financeinafrica.com/news/four-nigerian-banks-lost-5-2m-fraud/ ↩︎ ↩︎ ↩︎ ↩︎
16. https://surfshark.com/blog/nigerian-prince-scam ↩︎
17. https://nibss-plc.com.ng/wp-content/uploads/2024/04/2023-Annual-Fraud-Landscape.pdf ↩︎
18. https://nairametrics.com/2025/07/10/financial-fraud-in-nigeria-surges-by-45-70-of-losses-linked-to-digital-platforms-cbn/ ↩︎ ↩︎
19. https://www.efcc.gov.ng/efcc/news-and-information/news-release/11238-investment-scam-olukoyede-cautions-public-against-negligence ↩︎ ↩︎
20. https://www.aljazeera.com/features/2025/6/11/i-invested-in-a-ponzi-scheme-nigerians-fall-victim-to-crypto-scams ↩︎
21. https://www.gasa.org/post/global-state-of-scams-report-2024-1-trillion-stolen-in-12-months-gasa-feedzai ↩︎
22. https://www.wilsoncenter.org/blog-post/disrupting-terrorist-financing-networks-nigeria-importance-financial-intelligence ↩︎ ↩︎ ↩︎
23. https://www.deloitte.com/ng/en/services/consulting-risk/perspectives/Nigeria-Cybersecurity-Outlook-2024.html ↩︎ ↩︎
24. https://itweb.africa/article/nigeria-tightens-laws-to-tackle-yearly-cyber-crime-losses-of-500m/mYZRXM9gxVNvOgA8 ↩︎ ↩︎
25. https://www.deloitte.com/ng/en/services/consulting-risk/perspectives/Nigerias-cybersecurity-landscape-in-2025.html ↩︎
26. http://journalwjarr.com/sites/default/files/fulltext_pdf/WJARR-2025-1687.pdf ↩︎ ↩︎
27. https://pmc.ncbi.nlm.nih.gov/articles/PMC11795118/ ↩︎
28. https://arxiv.org/pdf/1712.10068.pdf ↩︎
29. https://www.emerald.com/insight/content/doi/10.1016/j.aci.2020.02.003/full/pdf?title=ranking-potentially-harmful-tor-hidden-services-illicit-drugs-perspective ↩︎
30. https://www.ccsenet.org/journal/index.php/ilr/article/download/41778/22915 ↩︎
31. https://pmc.ncbi.nlm.nih.gov/articles/PMC9461548/ ↩︎
32. https://businessday.ng/bd-weekender/article/the-dark-web-of-cybercrime-how-nigerias-economy-is-under-threat/ ↩︎
33. https://nexia.ng/the-dark-webs-role-in-cybercrimes-in-nigeria-challenges-and-cybersecurity-solutions/ ↩︎
34. https://www.un.org/counterterrorism/ ↩︎
35. https://www.sciencedirect.com/science/article/pii/S2949791424000691 ↩︎
36. https://www.imf.org/en/Topics/Financial-Integrity/amlcft ↩︎
37. https://www.mediadefence.org/resource-hub/cybercrimes-sub-saharan-africa/ ↩︎
38. https://www.unodc.org/roseap/uploads/documents/Publications/2025/Inflection_Point_2025.pdf ↩︎
39. https://www.sciencedirect.com/science/article/pii/S037842662300047X ↩︎
40. https://africacenter.org/in-focus/fimi/ ↩︎
41. https://www.linkedin.com/posts/israel-ojoko-63a82558_nigeria-fraud-financial-activity-7300502564192591872-SPH8 ↩︎
42. https://www.unodc.org/unodc/terrorism/expertise/combating-terrorist-financing.html ↩︎
43. https://www.vanguardngr.com/2025/08/how-misuse-of-cybercrime-act-cost-nigeria-n1-1trn-in-7-yrs/ ↩︎
44. https://www.justice.gov/usao-wdmo/pr/defendants-sentenced-global-darknet-conspiracy ↩︎
45. https://www.economicsandpeace.org/wp-content/uploads/2024/02/GTI-2024-web-290224.pdf ↩︎
46. https://mfwa.org/country-highlights/nigeria-gagging-of-dissenting-voices-on-social-media-continue-unabated/ ↩︎
47. https://ieeexplore.ieee.org/document/10927312/ ↩︎
48. https://fepbl.com/index.php/csitrj/article/view/1046 ↩︎
49. https://ieeexplore.ieee.org/document/10630301/ ↩︎
50. https://ieeexplore.ieee.org/document/10629748/ ↩︎
51. https://rsisinternational.org/journals/ijriss/articles/security-awareness-programs-and-behavioral-patterns-in-nigeria-deposit-money-banks-adopting-a-robust-cybersecurity-culture/ ↩︎
52. https://journal.hmjournals.com/index.php/IJITC/article/view/4374 ↩︎
53. https://ejmanager.com/fulltextpdf.php?mno=188637 ↩︎
54. https://www.ijefm.co.in/v7i12/22.php ↩︎
55. https://www.pulp.up.ac.za/images/edocman/journals/AJPDP/volume1/Data Journal Volume 1 Salau.pdf ↩︎
56. https://fepbl.com/index.php/csitrj/article/view/701 ↩︎
57. https://arxiv.org/ftp/arxiv/papers/2301/2301.03008.pdf ↩︎
58. https://arxiv.org/ftp/arxiv/papers/2308/2308.12448.pdf ↩︎
59. https://academicjournals.org/journal/IJSA/article-full-text-pdf/A79763043710.pdf ↩︎
60. https://arxiv.org/ftp/arxiv/papers/2109/2109.05821.pdf ↩︎
61. https://ijsra.net/sites/default/files/IJSRA-2023-0609.pdf ↩︎
62. https://actainformaticamalaysia.com/archives/AIM/1aim2023/1aim2023-54-62.pdf ↩︎
63. http://journals.ardascience.com/index.php/dss/article/view/268 ↩︎
64. https://jurnal.unej.ac.id/index.php/JCSI/article/download/24188/10234 ↩︎
65. https://www.iprjb.org/journals/index.php/IJMRM/article/download/2642/3077 ↩︎
66. https://arxiv.org/ftp/arxiv/papers/2108/2108.09754.pdf ↩︎
67. https://figshare.com/articles/preprint/Cybersecurity_Challenges_in_Nigeria_-Threat_Landscape_Economic_Impact_and_Strategic_Solutions_By_Stephen_Mikah_Makoshi/28732910 ↩︎
68. https://www.trade.gov/country-commercial-guides/nigeria-digital-economy ↩︎
69. https://cyberleninka.ru/article/n/digital-governance-a-pathway-for-combating-emerging-public-safety-and-security-challenges-in-21st-century-nigeria ↩︎
70. https://www.darkreading.com/cyber-risk/nigeria-touts-cyber-success-african-cybercrime-rises ↩︎
71. https://techpoint.africa/news/nigeria-13th-most-vulnerable-counntry-to-cyberattacks/ ↩︎
72. https://www.interpol.int/News-and-Events/News/2025/African-authorities-dismantle-massive-cybercrime-and-fraud-networks-recover-millions ↩︎
73. https://csean.org.ng/national-cyber-threat-forecast-2024/ ↩︎
74. https://ijcaonline.org/archives/volume169/number7/27996-2017914788/ ↩︎
75. https://zenodo.org/records/15144077/files/Cybersecurity Challenges in Nigeria -Threat Landscape, Economic Impact, and Strategic Solutions By Stephen Mikah Makoshi.pdf?download=1 ↩︎
76. https://nigeriareposit.nln.gov.ng/items/7d8a3a8c-17c8-4114-83c5-644f98672c55/full ↩︎
77. https://adforensics.com.ng/cyberattack-on-africas-top-organizations-2024/ ↩︎
78. http://www.ijcse.com/abstract.html?file=24-15-02-007 ↩︎
79. https://www.idosr.org/effect-of-environmental-and-economic-reporting-on-financial-performance-of-listed-oil-and-gas-companies-downstream-sector-in-nigeria/ ↩︎
80. https://international.areai.or.id/index.php/IJEMA/article/view/229 ↩︎
81. https://www.scirp.org/journal/doi.aspx?doi=10.4236/ojbm.2024.124141 ↩︎
82. http://ajfand.net/Volume24/No2/Etowa23545.pdf ↩︎
83. https://ascopubs.org/doi/10.1200/OP.2024.20.10_suppl.412 ↩︎
84. https://journalajeba.com/index.php/AJEBA/article/view/1519 ↩︎
85. http://www.emerald.com/jfc/article/32/1/49-63/1243053 ↩︎
86. http://www.iccpmce.net.au/proceedings/2024/iCCPMCE2024_Paper_49.pdf ↩︎
87. https://eajournals.org/gjar/vol12-issue-1-2024/agricultural-productivity-and-postharvest-loss-among-cassava-farmers-in-anambra-state-nigeria/ ↩︎
88. https://www.mdpi.com/2504-3900/101/1/13/pdf?version=1715336096 ↩︎
89. https://www.econjournals.com/index.php/ijefi/article/download/8931/pdf ↩︎
90. https://journals.sagepub.com/doi/pdf/10.1177/21582440221122739 ↩︎
91. https://ojs.amhinternational.com/index.php/jsds/article/download/825/825 ↩︎
92. https://ccsenet.org/journal/index.php/ijbm/article/download/25854/17250 ↩︎
93. https://www.soloazar.com/en/interviews/the-rise-of-online-gambling-and-the-addiction-it-generates-in-nigeria-an-unregulated-problem ↩︎
94. https://pmc.ncbi.nlm.nih.gov/articles/PMC8274406/ ↩︎
95. https://moneyreport.ng/more-medium-income-nigerians-turnto-betting/ ↩︎
96. https://assets.kpmg.com/content/dam/kpmg/ng/pdf/2025/03/Crypto Risk and Opportunities_A_New%20Banking%20Paradigm%20March%2010%20update.pdf ↩︎
97. https://igamingafrika.com/lagos-and-the-uk-forge-historic-gaming-mou-to-combat-illegal-gambling/ ↩︎
98. https://www.elibrary.imf.org/view/journals/002/2025/158/article-A002-en.xml ↩︎
99. https://techgyant.com/nigeria-financial-institutions-lose-trillions-to-cyberattacks-in-7-years/ ↩︎
100. https://blog.mondato.com/betting-on-chaos-online-gambling/ ↩︎
101. https://www.panafrican-med-journal.com//content/article/49/56/full ↩︎
102. https://www.journalijar.com/article/53677/the-devastating-socio-economic-impact-of-sit-at-home-orders-on-small-and-medium-businesses-in-south-eastern-nigeria:-a-call-forresilience-and-recovery/ ↩︎
103. https://www.ijmsssr.org/paper/681f24e308998.pdf ↩︎
104. http://biorxiv.org/lookup/doi/10.1101/2022.01.04.474991 ↩︎
105. https://ojs.wsb.wroclaw.pl/index.php/WSBRJ/article/view/1028 ↩︎
106. https://www.semanticscholar.org/paper/f7077b3f1eb1847cb0886ff10be2c86c4df405ac ↩︎
107. https://www.semanticscholar.org/paper/082646c435169beb8244ce30c084c455708a841a ↩︎
108. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8640685/pdf/BLT.21.287381.pdf ↩︎
109. https://www.semanticscholar.org/paper/2da46bbcd86dad18ffe4dc7ae3bb543d64d57c43 ↩︎
110. https://pmc.ncbi.nlm.nih.gov/articles/PMC11119502/ ↩︎
111. https://www.tandfonline.com/doi/pdf/10.1080/10246029.2024.2327332?needAccess=true ↩︎
112. https://zenodo.org/record/5136937/files/43.pdf ↩︎