General
“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.
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!
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.
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.
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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?
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?
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?
