Cybercrime in Nigeria has escalated sharply due to rapid digitalization, costing over $500 million annually and threatening national security, particularly for SMEs and critical infrastructure. This paper examines current trends, determinants, victim and perpetrator profiles, legal frameworks, and preventive strategies through a conceptual review of secondary sources, including government reports and academic literature. Findings reveal that poverty, unemployment, weak enforcement of the Cybercrimes Act 2015, and inadequate digital literacy drive cybercrime, with young males (18–34) as primary perpetrators and individuals, SMEs, and banks as main victims. Enforcement is hindered by resource constraints, outdated technology, corruption, and limited international cooperation. The study concludes that cybercrime remains a severe threat requiring a unified multi-layer response. Recommendations include revising the Cybercrimes Act to address emerging threats, establishing dedicated cybercrime courts, enhancing law enforcement capacity and tools, and expanding public awareness campaigns to foster a culture of cybersecurity.