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This study aims to examine the threats posed by cybercrimes toward the quest for achieving a reliable digital economy and to identify practical strategies for countering the crime.

A qualitative phenomenological paradigm was used as the methodology. Both primary and secondary sources were consulted for data collection. A thematic analytical interpretation was used for data analysis.

This study discovered that Nigeria is a leverage environment for using digital economy as a means of diversifying the economy owing to population bulge, and an increase patronage of internet and digital space but the threats of cyberfraudsters is ostracising a substantial number from using it which is decreasing the performance of the digital economy.

The research is limited by the scarcity of resources to widen the horizon of the study particularly the fieldwork and the rampant incidences of cybercrime in Nigeria which poses a difficult task for studying the phenomenon. In addition, this study is constrained by the confidentiality in releasing data owing to the sensitivity of the subject of study and its relationship to national security.

This study presents some suggestions that are plausible in countering the crimes and enhancing the digital economy in Nigeria through effective surveillance, massive information and communication technology (ICT) awareness creation for users and severe penitent sanctions for cybercriminals will help in securing digital spaces.

This study has social implications including the suggestion for simplifying digital transactions that will save time, increases economic activities and passive multiple stream income for Nigerians and ease of doing business with less risk of robbery and other cumbersome tasks.

This study has originality value because after the survey of the existing literature, a field work is conducted to have the views of experts on the subject of study which adds value to the subject and originality of the findings.