Data Safety: NDPC’s Olatunji unveils blueprint for protecting Nigeria Digital Economy in Lagos

*Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission, at the IoT West Africa 2026 co-located with Data Centre & Cloud Expo Africa, in Lagos, highlights proactive measures to safeguard the Nigeria Digital Economy, currently valued at about $18.3 billion, warning stakeholders against rising cyberthreats as data becomes the ‘new oil’ of the global digital economy

Gbenga Kayode | ConsumerConnect

The data centre world Wednesday, April 29, 2026, practically stood, and took notice of how Nigeria is navigating the emerging world of data in the global economy, as Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission (NDPC), at the ongoing 2026 IoT West Africa, in Lagos.

ConsumerConnect reports Dr. Olatunji, in his Opening Keynote, presented at the IoT West Africa 2026 co-located with Data Centre & Cloud Expo Africa, holding April 28-30, at Landmark Centre, Victoria Island, in Lagos, the National Commissioner of NDPC spoke on “Safeguarding Nigeria’s Digital Economy”.

The National Commissioner of NDPC also offered insights into practical measures which the West African country is taking to safeguard the emerging Nigeria Digital Economy.

Cyberattacks occur every 39 seconds globally: Olatunji

In his presentation on the “Data Centre Day” of the event Wednesday, he handed the audience at the well-attended event nuggets to navigate the data protection ecosystem.

He particularly warned industry stakeholders, and digital consumers in general, that rising cyberthreats are tracking the rapid expansion of the global digital economy.

According to him, cyberattacks occur every 39 seconds globally these days, underlining the scale and persistence of digital security risks facing governments, businesses and individuals worldwide.

Dr. Aristotle Onumo, Director of Stakeholder Management and Partnerships at NITDA (seated 2nd left), is also on the panel of discussants the event in Lagos

The expert equally emphasised that cybercrime has become a major threat to digital growth, with global losses estimated at about $10.5 trillion annually.

The average cost of a data breach, he stated, stood at $14.88 million, reflecting a 26 percent year-on-year increase.

According to him, over a million cybercrime complaints are recorded globally, showing the widening exposure of digital systems to attacks in recent times.

On cyberthreat incidents in Nigeria Digital Economy

Highlighting the cybersecurity situation in Nigeria, the National Commissioner of NDPC affirmed that the West African country has remained one of Africa’s most targeted cyber environments.

He disclosed the country records over 4,000 attacks weekly, accounting for about 45 percent of cybercrime incidents on the African continent.

In terms of financial losses to such attacks, Olatunji said Nigeria’s losses exceeded ₦12 billion 2024, largely driven by phishing, ransomware, and other digital fraud schemes in the digital space.

The Chief Executive of NDPC noted that phishing and social engineering remain the most common attack methods which cyberfraudsters use to gain unauthorised access to sensitive systems and data.

He equally revealed that ransomware accounted for about 35 percent of global economic losses, while Business Email Compromise (BEC) has continued to inflict heavy financial damage on businesses and organisations.

Besides, Distributed Denial of Service (DDoS) attacks have occurred about 44,000 times daily, disrupting Critical National Infrastructure (CNI), including banking, telecoms and government platforms.

The NDPC Chief Executive said identity theft and data breaches accounted for about 25 percent of digital economy losses, with 85 percent of breaches involving personal identifiable information (PII), including biometric data.

Implications of rising threats on data infrastructure, national security

Olatunji said the reported increase in cyberthreats had serious implications for data infrastructure, sovereignty and national security in Nigeria.

He, therefore, urged stronger cybersecurity frameworks, and sustained investment in digital protection systems.

The National Commissioner noted that the global system is being reshaped by an unprecedented surge in data generation, estimated at 402.89 million terabytes daily as of now.

What the global digital economy figures reveal, by NDPC CEO

Underling the strategic importance of the contribution of digital economy, Dr. Olatunji said the Nigeria Digital Economy is currently valued at about $18.3 billion.

This, he noted, has been projected to double within five years as digital adoption expanded across key sectors of the country’s economy.

In the global arena, he disclosed the global digital economy now contributes about 20 percent of global Gross Domestic Product (GDP), with countries increasingly competing through data infrastructure, cloud systems and digital innovation.

As data creation increased for over 90 times in the last 15 years, this reflects the speed of global digital transformation, said he.

Olatunji explained that global data volumes are projected to rise from about 181 zettabytes to 221 zettabytes, underscoring the scale of the data economy.

He further indicated that l that about 82 percent of global data is now driven by video content, including streaming platforms, social media, and video conferencing.

Data is ‘new oil’ of global digital economy

The NDPC Chief Executive declared: “Almost everything today revolves around video streaming, learning, healthcare and social interaction.”

With about 5.6 billion unique mobile subscribers globally, he noted that over 21 billion Internet of Things (IoT) devices are now connected globally, continuously generating vast amounts of data.

He also stressed that countries, including the United States (US), Russia, India, Saudi Arabia, Israel and Australia are investing heavily in cloud computing, IoT systems, e-commerce platforms and digital marketplaces to strengthen their economies.

Olatunji asserted: “Technologies such as cloud, IoT and digital platforms are now the backbone of modern economic growth.”

According to him, governments are now building data economy strategies, supported by infrastructure development, governance systems and digital policy frameworks.

Olatunji, therefore, described data as the “new oil” of the global economy, stating every digital interaction is powered by data.

On significance of improved data infrastructure

The Chief Executive of NDPC as well highlighted the strategic importance of data Infrastructure.

Olatunji described it as Nigeria’s Critical National Infrastructure (CNI), requiring sustained investment to support innovation and economic competitiveness.

Likewise, in a message via his verified social media account, he equally commented that he spoke on “the scale and impact of the digital economy, the explosion of data and its transformation into critical infrastructure, as well as the rising threats within the digital ecosystem.

“I also highlighted data protection and privacy in Nigeria, and their growing importance on the global stage.

Olatunji stated: “I emphasised the significance of data sovereignty and the corresponding need for data centres, the growth of data centres in Nigeria, regulatory expectations, the benefits of compliance, and the consequences of non-compliance, particularly with the provisions of the Nigeria Data Protection Act, 2023 (NDP Act).”

He, therefore, urged Nigeria, and other developing economies to strengthen data governance, infrastructure and digital skills in order to remain competitive in today’s global digital space.

Meanwhile, in a review of the scheduled activities for Day 2 of the IoT West Africa 2026, capturing the essence of Dr. Olatunji’s delivery, the organisers said: “The room didn’t just pay attention, they leaned ALL the way in.

“In a world where data is the new crude oil, this keynote handed everyone in that room the blueprint.”

They also assured participants that the last day of the event Thursday would “go completely next level.”

Kindly Share This Story