YAHOO BOYS ACTIVITIES AND THE NIGERIAN ECONOMY: MATTERS ARISING

Abstract

This study examines the impact of yahoo boys’ (young fraudsters) activities on the Nigerian economy, drawing from the perspectives of Merton's theory on structural strain and crime, as well as Emile Durkheim's anomie theory. To accomplish this, the research employed a content analysis methodology, primarily relying on secondary data sources. The findings of this study illuminate the substantial economic repercussions of these individuals' actions, with Nigeria incurring significant financial losses running into billions of Naira. These "yahoo boys" not only fail to contribute productively to the economy but also engage in illicit activities to accumulate wealth. Consequently, their activities lead to financial losses for both individuals and businesses, exert pressure on economic policies, and present formidable challenges for the government, such as combating inflation, managing welfare crises, and addressing business disruptions, among other issues. The driving forces behind the activities of these young fraudsters include greed, the scarcity of employment opportunities, and the perceived failure of the government to effectively penalize criminal behavior. As a result, this study recommends that the government should implement policies aimed at fostering youth employment prospects. Additionally, stringent measures should be established to regulate and curtail the misuse of internet technology, with a particular focus on discouraging illegal activities. Furthermore, government and other relevant organizations should engage in youth-oriented programs aimed at redirecting their skills towards constructive endeavors while instilling core values of honesty, integrity, and hard work. These initiatives are vital steps towards mitigating the adverse effects of "yahoo boys" activities on the Nigerian economy and society as a whole.