The Effects And Implications Of Cyber Crime On Foreign Investors In Nigeria (A Case Study Of Lagos State)
In this study, our focus was on the Effects And Implications Of Cyber Crime On Foreign Investors In Nigeria (A Case Study Of Lagos State). The study is was specifically focused on finding out if cybercrime has encouraged foreign investment in Nigeria; finding out if cyber crime has promoted the national image of Nigeria and to proffer possible solutions to the challenge of cyber crime.
The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are investment bankers in Lagos State.
1.1 Background of the Study
Cyber crime is the use of a computer as an instrument to further criminal ends, such as theft, trading in child pornography and intellectual property, stealing identities, or breaching privacy, is known as cybercrime. As the machine has become essential to business, culture, and government, cybercrime has risen in importance, especially across the Internet. We have all come to rely on the sheer scale, technical capacity and high speed of the internet to search out immeasurable quantities of information, discover the unseen, and interact with practically everyone, everywhere, and at any time across the globe, as a significant impact of globalization in our culture today.
According to the Internet World Statistics survey, as cited in Jackson and Robert (2016), the internet grew at an annual rate of 444.8 percent on a global scale from 2000 to 2010, with an estimated 1.96 billion users online today. In modern Nigeria, the majority of people have internet-enabled phones and are active on social media sites such as Facebook, Instagram, Twitter and so on. Oluwafemi (2013) as cited in Jackson and Robert (2016), posits that at the turn of the “21st century due to the advent of mobile telephones, Nigerian Internet penetration levels took a running jump from less than 5% in 2002 – 2003, to over 30% by the end of 2012 with the growth poised to continually accelerate. These Internet based platforms have provided an array of opportunities for individuals to communicate and network with people of diverse cultures all over the world; it has aided local businesses to grow by providing regional and international markets and it is shrinking the world into one small community.”
According to Agba (2002), regardless of the benefits associated with the internet revolution, it also brings with it a number of drawbacks, especially in terms of cybercrime. As a result, according to Shehu (2014), the integration of computers and communications, as well as the exponential development of emerging technologies, has brought enormous benefits to society, but these benefits have come with increased challenges, both nationally and globally. Many common criminals are already being helped or abetted by the usage of machines and networks, and wrongdoing once unimaginable has surfaced as a result of the database system’s unprecedented capabilities. According to Folashade and Abimbola (2013), the digital technology revolution associated with the internet served two purposes: on the one hand, it added constructive ideals to the world; on the other hand, it created a slew of maladies that challenged society’s order, as well as a new wave of violence. Similarly, Vladimir (2005) and Olumoye (2013) argue that the internet, which is a worldwide network connecting millions of computers in various countries and allowing for extensive access to and sharing of information, is now being used for illegal purposes for financial gain. Cybercrime is a worldwide epidemic committed by organized crime groups with regional and foreign connections.
1.2 Statement of Research Problem
New technologies create new criminal opportunities but few new types of crime. What distinguishes cybercrime from traditional criminal activity? Obviously, one difference is the use of the digital computer, but technology alone is insufficient for any distinction that might exist between different realms of criminal activity. Criminals do not need a computer to commit fraud, traffic in child pornography and intellectual property, steal an identity, or violate someone’s privacy. All those activities existed before the “cyber” prefix became ubiquitous. Cybercrime, especially involving the Internet, represents an extension of existing criminal behaviour alongside some novel illegal activities. Cyber crime is a criminal activity that poses a huge threat to countries of the world, as a result of this challenge; foreign investors find it very difficult to invest in other countries because of the fear of being scammed. Hence, this study seeks to find out the effects and implications of cybercrime on foreign investors in Nigeria.
1.3 Objectives of the Study
The main objective of this study is to examine the effects and implication of cybercrime on foreign investors in Nigeria. This study specifically seeks:
- To find out if cybercrime has encouraged foreign investment in Nigeria.
- To find out if cyber crime has promoted the national image of Nigeria.
- To proffer possible solutions to the challenge of cyber crime.
1.4 Research Questions
The following questions guide this study:
- Has cybercrime encouraged foreign investment in Nigeria?
- Has cyber crime promoted the national image of Nigeria?
- What are the possible solutions that can be proffered to the challenge of cyber crime?
1.5 Significance of the Study
This study seeks to examine and understand the effects and implications of cyber crime on foreign investors. This study would be helpful to the government on how to take precautionary and proactive measures to the already critical issue of cyber crime. This study will be helpful to organizations as well, in order to keep them on alert against cyber crime activities which would prevent possible foreign investors from investing in their organization. This study will be helpful to other researches who wish to delve deeper into the subject of cyber crime, its effects, implications and causes and even go further to research on how it affects foreign investors in other states.
1.6 Scope of the Study
This study will only cover effects and implications of cyber crime on foreign investment in Lagos state only. Lagos state is a very industrial state in Nigeria and has a lot of investment opportunities especially for foreign investors.
1.7 Limitations of the Study
The only limitations faced by the study were insufficient time and funds to delve deeper and widen the reach of this research.
1.8 Operational Definition of Terms
The use of a computer as an instrument to further criminal ends, such as theft, trading in child pornography and intellectual property, stealing identities, or breaching privacy.
Any person who invests in domestic companies and properties of another country is referred to as a foreign investor.
Conclusion and Recommendations
Cybercrime is a product of socio-cultural causes, and with it preponderance, there can be no political and unadulterated social development in a developing country like Nigeria. The desire for material wealth and upward mobility provokes in individual innovative behaviour that perverse the accepted standard of attaining culturally approved ends. Hence, corruption lingers in the society while socio-cultural development suffers. This way, there can be no sustainable development, political stability or economic growth. The development of the internet in Nigeria has come with a price, and maintaining the proper usage of the internet remains a task for those who are inclined to committing cyber-offences.:
This study, therefore, recommend
- The introduction of local, state and national cyber system orientation agency to educate people on the benefit and important of engaging in constructive activities on the world wide web, crucial to this would be a licensing and monitoring authority to ensure compliance with standard regulation governing internet usage in every locality, with stiff penalty to non-conformists and a reward system to conformists.
- There is a need to inculcate civic studies that fosters national ideology, entrepreneurial and capacity building in academic curriculum, especially at the elementary level.
- The socio-economic polarities between the “haves” and the “have not” should be de-emphasized by deliberate government policy by the provision of certain basic socio-economic facilities like, job creation, good housing system, and popular democratic government.
- Lastly, the government should emphasize merit above material wealth as the basis for social recognition, political appointment and honorary awards and premise promotion in national service on excellent standard performance. This action step will produce in society genuine social development with lasting social effect.
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