“Yahoo Boys” and the Nigerian GDP: Should We Start Calculating?

In Nigeria, you can’t go far in any discussion about the Nigerian economy without someone bringing up GDP.

GDP – or Gross Domestic Product – is like the country’s “income report,”. It shows the total value of goods and services produced within its borders each year.

If Nigeria were a large household, GDP would be the sum of all sales—from farm produce to factory goods, banking services to entertainment. A higher GDP means the country is earning more and generally doing better economically.

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The GDP  is a measure of “how well” a country or territory is doing financially. The calculation is derived from various sectors, such as: oil and gas, agriculture, manufacturing, real estate, financial services, etc. 

Now, let’s be real for a second. Aren’t we leaving out one major, unspoken economic force? Yes, I’m talking about Yahoo boys!

The Yahoo boys are those boys with laptops, a few “clients” abroad, and more dollars than they can count.

These internet “moguls” might be on the hush-hush side of things, but no one can deny that they’ve turned local economies around, especially in some important towns and cities around the country. Imagine that hustle spirit, fueling a whole ecosystem!

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So, here’s the real question we might be too shy to ask: Should Yahoo money enter our GDP calculation?

Or are we just going to pretend that these big boys aren’t contributing to the “Nigerian dream”?

How is GDP Calculated?

To understand where Yahoo boys fit in, we first need to break down how GDP is calculated.

GDP is basically the total value of goods and services produced in a country over a period of time, typically a year. It’s used to measure the health of an economy.

In Nigeria, GDP is split into different sectors, each contributing to the final figure. The key sectors include:

Agriculture (about 25%): This sector is the backbone of the Nigerian economy, employing a large portion of the population. It includes farming, livestock, forestry, and fishing.

Industries (around 30%): This includes oil and gas, manufacturing, construction, and power generation. Nigeria’s oil sector alone contributes about 9% to the GDP, but it makes up over 90% of export earnings.

Services (over 50%): This covers everything from banking, telecommunications, and retail to real estate and entertainment. The services sector has been Nigeria’s largest GDP contributor in recent years.

Now, here’s the million-dollar question: where does Yahoo money fit in all of this? Are we really going to pretend like the billions these internet fraudsters are making don’t flow through the economy?

The Yahoo Economy: Flowing but Uncounted

If we’re being completely honest, Yahoo money is everywhere – Owerri, Ibadan, Benin-City, Asaba, Lagos, etc. It flows everywhere. In fact, the impact of Yahoo boys on the local economy is glaring.

They control the streets, the real estate market, and even the cost of basic goods.

Let’s take Benin City for example. Historically, Edo State is a civil service state. Salaries from the government aren’t exactly lavish (even though they pay one of the highest minimum wage), so there’s no logical reason why rent or real estate prices in Benin should rival some upscale places in Lagos, right?

But here we are, in Benin City, rent and property prices are shooting through the roof—and guess who’s responsible? The Yahoo boys! These crop can afford to pay double or even triple the rent regular folks are paying.

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These scammers are pouring money into the economy like oil pipelines flowing unchecked. They buy flashy cars, rent expensive apartments, and party at exclusive clubs—all of which require local goods and services. If we ignore this, are we really telling the full story of Nigeria’s economy?

Should We Count Yahoo Money in GDP?

One might ask, “But isn’t Yahoo money illegal? How can it be part of our GDP?”

Well, here’s a thought: GDP includes all domestic economic activities, whether they are legal or illegal. In fact, some countries count illicit activities like drug trafficking and prostitution in their GDP because these sectors pump money into the economy just like any other.

If Yahoo boys are spending millions on real estate, cars, fashion, and entertainment, that money is circulating. So why aren’t we counting it?

Here are a few reasons why the Yahoo economy deserves a mention in our GDP calculations:

1. Yahoo Boys Influence Prices: Yahoo boys are dictating the cost of living. They can afford outrageous prices for rent, land, and luxury goods, and as a result, prices skyrocket for everyone else. In an economy largely driven by civil service, it’s hard to explain why rent is almost as high as Lekki without factoring in Yahoo money.

2. Boosting Real Estate: Yahoo boys have singlehandedly turned some Nigerian cities into real estate hotspots. They are the ones buying up properties and developing areas. The demand they create for high-end housing is driving construction and other allied industries, such as furniture-making, home appliances, and interior decoration.

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3. Expanding the Service Sector: From nightclubs to high-end restaurants, a lot of businesses thrive thanks to the heavy spending of Yahoo boys. These fraudsters are some of the biggest customers for services like Uber, Bolt, and food delivery apps. In places like Lekki, Owerri or Benin City, they help sustain an entire ecosystem of luxury services.

4. Employment Generation: Believe it or not, Yahoo boys are creating jobs. While we may frown on their methods, many legit businesses are thriving thanks to their patronage. Barbershops, car dealerships, fashion houses, event planners, and even real estate agents have all benefited from Yahoo money.

Conclusion: A Reality Check

We can continue to turn a blind eye to the economic power of Yahoo boys, but the truth is clear: they are a major part of the local economy in many places, especially in states like Edo. Whether we like it or not, their earnings flow into sectors like real estate, services, and even agriculture (yes, they’re buying farms too).

So, if we’re serious about accurately measuring Nigeria’s GDP, we might need to start asking ourselves: why aren’t we counting the Yahoo economy?

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At the end of the day, the Nigerian economy is fueled by all sorts of activities—some legal, some not so legal like the thieving politicians.

But if we keep pretending Yahoo money doesn’t exist, are we really giving an honest account of our economic realities?

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