This study examined the effect of cybercrime on national development. The study was conducted in Nigeria because of the increasing trend of cybercrime worldwide. Several works of literature in the subject matter were examined. The study found that cybercrime undermines investor trust in the economy, injures the reputation of Nigerians abroad, and results in security risk. Cybercrime frequently results in the loss of intellectual property and retards the sustainable growth of the country. It hinders competitive advantages and the company's brand. It was concluded that cybercrime negatively affects people, perception, government, and society. As a result, the study suggests that the government of Nigeria creates frequent sensitization programs and campaigns against cybercrime and its effects in Nigeria and that both private and government sectors give young people access to employment opportunities. The government should also pass legislation that could effectively punish those involved in cybercrimes. The agency saddled with tackling cybercrime Economic and Financial Crimes Commission (EFCC) should be independent, and the staff should be incorruptible. Finally, the government should create awareness of individual security and safety in online-related matters.