Nigeria is third in global ranking of cyber crimes, a position Nigerians will wish the nation sits in terms of its economic growth.

The oil-rich nation is behind the U.K. and the U.S, according to the Nigerian Communications Commission (NCC).

The NCC’s Chief Executive Officer, Professor Umar Danbatta, gave the ranking on Tuesday at the ongoing 2017 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos.

With the theme, “African Business: Penetrating through Institution Building”, the conference looked at the business of cyber law, internet policy and privacy rights.

Danbata put the current number of internet users in Nigeria at 91.6 million and gave further breakdown on the cyber crime rate in Nigeria.

“About 127 billion Naira was the estimated loss to cybercrime in Nigeria in 2015; Nigeria ranks third in global internet crimes behind the UK and U.S.

“A critical factor militating against Africa’s economic resurgence is the weakness of its institutions.

“Nigeria ranks 169 out of 199 on the World Bank’s ease of doing business rankings. We are in a middle of a revolution and the rise of what we call the networked society.

“The NCC stipulates the laws of engagement that will make the cyberspace safe and ensure the confidence as well as the safety of the cyberspace,” Danbatta, a panelist, said.

“There are benefits and risks of the use of cyberspace and both has to be properly managed,” he stated.

Also at the gathering was the Associate Solicitor of Cooley LLP, a UK-based Lawfirm, Ms Sascha Grimme, and  she said the “threats and perpetrators of cyber crimes and the motives behind the cyber attacks have to be properly identified.

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She also highlighted that there are challenges in identifying perpetrators of cyber crimes.

"Even when identified, there have been instances where they stay in different jurisdictions making prosecution difficult," the News Agency of Nigeria quoted her as saying.