The vice president of Nigeria, Sen. Kashim Shettima has stressed the importance of cybersecurity in ensuring a viable economy even as, he said, the government will work towards using Artificial Intelligence solutions to protect national infrastructure.
Shettima stated this at the 2024 Cybersecurity Conference, organised by the Central Securities Clearing System PLC (CSCS) and the Office of the National Security Adviser (ONSA). The vice president, in his keynote address, underscored the significance of cybersecurity as a cornerstone of economic stability and growth and “not just a technical issue.
He reiterated the government’s commitment to bolstering cybersecurity initiatives and integrating AI solutions to protect national infrastructure, even as he commended the National Security Adviser, Mallam Nuhu Ribadu and his team for fostering a secure digital environment that encourages investment and innovation”.
He equally recognised the efforts of the leadership of CSCS, particularly, its CEO, Haruna Jalo-Waziri, for his ‘unwavering commitment to advancing the Nigerian capital market.’
In his opening remarks, the National Cybersecurity Coordinator at the ONSA, Ahmad Saad Abubakar, highlighted the dual-edged nature of AI in cybersecurity to both enhance our capacities but also increase our vulnerabilities.
He called for proactive steps to neutralise the threats before they arrive, saying, “Our reliance on interconnected systems has increased our vulnerability to cyber threats, now amplified by AI. Adversaries no longer require deep technical expertise to launch devastating attacks.
While AI empowers malicious actors, it also equips us with unparalleled capabilities to predict, detect, and neutralise threats before they manifest.”
The director general of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama emphasised AI’s role in capital markets, noting that, “AI-driven systems enhance surveillance, detect fraud, and manage risks. At SEC Nigeria, we are actively exploring how AI technologies can safeguard investor interests and maintain market integrity. However, AI must be complemented by resilient infrastructure to remain effective.”
The chairman of the board of directors of CSCS Plc, Temi Popoola, highlighted the importance of aligning AI and infrastructure: “A single cyberattack today can disrupt entire nations. For financial institutions like CSCS, safeguarding data means preserving trust in the financial system. We are investing in technologies such as blockchain and quantum-resistant cryptography while collaborating with AI research institutions to stay ahead of emerging threats.”
The CEO of CSCS Plc, Haruna Jalo-Waziri, stressed the urgency of robust cybersecurity measures considering the significant costs that the global economy will bear due to cybercrime. Referencing the 2024 Cybersecurity Ventures Report, he stated that, “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago. This underscores the need for enhanced cybersecurity, especially with the 45% increase in ransomware attacks globally, as reported by Check Point Research.”
He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps ‘that protect critical systems from emerging risks.’
The event brought together experts from the military, technology, finance, and government sectors to explore how artificial intelligence (AI) can safeguard critical infrastructure against increasingly sophisticated cyber threats.
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