AN ANALYSIS OF THE SOCIO-ECONOMIC RELEVANCE OF THE CYBERCRIMES PROHIBITION AND PREVENTION ACT 2015

Abstract

The rapid evolution of technology has brought about numerous benefits, but also poses significant challenges, particularly in the realm of cyber security. The Cybercrimes (Prohibition and Prevention) Act of Nigeria which was enacted in 2015 had the principal aim of combating the escalating threat of cybercrime in Nigeria. This article examines the socio-economic relevance of the legislation in the 21st century. It also engages the provisions of the Act, its implementation, and enforcement as well as highlighting the strengths and weaknesses in the legislation. This article further explores the impact of cybercrime on Nigeria’s economy, society, and political landscape, including increased investor confidence, enhanced security, and improved trust in digital transactions. The findings stressed the need for a more comprehensive approach to addressing the evolving nature of cyber-criminality which involves the creation of public awareness, the need for effective implementation, enhancing confidence of the investors as well as enhancing international cooperation. In conclusion, this research emphasized the importance of a balanced approach that considered the economic and social implications of cybercrime, whilst protecting human rights as well as ensuring digital inclusion.