The International Monetary Fund (IMF) has urged the Nigerian government to establish a robust and comprehensive framework to combat cybercrime within the financial sector. Speaking during a virtual media briefing on Thursday, Christian Ebeke, the IMF's resident representative for Nigeria, emphasized the critical nature of cybersecurity. He stressed the need for proactive measures due to the potential financial instability resulting from cyber threats.

Ebeke highlighted the significant financial losses attributed to cybercrime, citing reports that Africa loses $4 billion annually to such activities, with projections indicating a potential surge to $12 trillion by the following year. He underscored the IMF's serious concern regarding cybersecurity issues and referenced their global financial stability report in April, which emphasized the necessity of implementing adequate frameworks and regulations to address cybersecurity challenges.

Regarding Nigeria specifically, Ebeke acknowledged recent developments related to a proposed cybercrime levy. He mentioned the House of Representatives' decision to pause the implementation of this levy, which was part of the Cybercrime Act recently adopted. While stating that discussions on this specific issue had not occurred with Nigerian authorities, Ebeke reiterated the importance of establishing an appropriate cybersecurity framework. He encouraged authorities to work towards designing robust and efficient measures to address this critical issue within the financial sector.

On May 6, the Central Bank of Nigeria (CBN) issued a directive instructing banks and financial institutions to implement a 0.5 percent cybersecurity levy on electronic transfers. The purpose of this levy is to contribute to the national cybersecurity fund, administered by the Office of the National Security Adviser. However, this directive has been met with concerns from various stakeholders, including labor groups, the Organized Private Sector, and the House of Representatives.

In response to these concerns, the House of Representatives issued an order on May 9, instructing the CBN to completely reverse the directive on the cybersecurity levy. The House called for the withdrawal of the previous circular and requested the issuance of a counter-directive regarding the levy.

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