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How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? - Politics - Nairaland

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How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by milann: 10:02pm On Mar 31, 2021
To be sure, measuring the impact of 'Yahoo boys’ spending culture on the micro-economy, and ultimately inflation, could prove difficult, if not near-impossible.
By Oladeinde Olawoyin
When Nigerian ‘entrepreneur’ and Forbes Africa 30-Under-30 honoree Obinwanne Okeke (Invictus Obi) was sentenced to 10 years in prison for his involvement in computer-based fraud last February, the news “broke the internet”—-to adopt a Nigerian cyber lingo.

Expectedly, conversations shifted toward the dangers “yahoo boys” (internet fraudsters) represent for the average upwardly mobile Nigerian operating within the global space. Across social media platforms, Twitter especially, many Nigerians lamented the plausible effect of Okeke’s conviction on the image of other Nigerians doing legitimate businesses around the world. But I was quite amused that very little or nothing is said of whatever havoc, if any, these internet fraudsters wreck on the micro-economy.

Interestingly, the nation’s statistics bureau released a report the following day showing that Nigeria’s inflation rate shot up to 16.47%. I reckoned then, and even now, that there is perhaps a nexus somewhere.

Anyone who lives in a neighbourhood where ‘Yahoo boys’ and #Benefit Boys (fraudsters diverting Covid-19 relief funds) are quite much would most likely establish this nexus in the inflationary pressures on the prices of “luxury” goods and services within the neighbourhood: a persistent surge in the prices of designer jeans and shirts, colognes, boxer shorts, pizza, grilled fishes, Asun and Shawarma, groceries, and such services like body massage, hair cut, gym services, and related stuff. And because Yahoo boys rarely deal heavily in things like Kuli-Kuli, Fufu, Moni-moni, Iru pete (locust beans), Beske, Okpa, Awara, and related stuff, the (micro) pressures may not spread toward the prices of those goods. In a sense, that does not only explain that the inflationary concerns in such neighbourhood aren’t necessarily the same as the country-wide concerns, it shows that the pressure is heightened largely by the (illicit) purchasing power of those Yahoo Boys in that community.

Inflation simply refers to increase in the prices of goods and services. And whether it is creeping (3% rise in a year or less), walking (between 3-10%), galloping (10% or more), or hyper (more than 50% a month), they all have varying degrees of impact on the economy. Of course, the fundamental goal of managers of the economy is to keep prices stable at rates that would not wreak havoc on the system.

In February, Nigerian inflation hit a new high as food prices jumped more than 20 per cent, heaping financial pressure on households amid slow economic growth. Driven largely by the impact of a coronavirus pandemic that has also induced a drop in the price of oil and weakened the naira, inflation reached 17.33%.

In understanding Nigeria’s inflationary concerns, much is often said about monetary expansion, driven mainly by expansionary fiscal policies, and its impact on the dynamics of growth and inflation. There have also been concerns around devaluation of the naira, an exercise the nation went through twice in 2020, and how it triggers inflation.

In recent months, there have been talks around food insecurity, buoyed by widespread violence in most of Nigeria’s farming communities, occasioned by the tensions among herders and farmers. There was also a recent (food) blockade announced against southern Nigeria, one that made a bad situation worse. Given that food prices, which made up the bulk of the inflation basket, rose 21.79% in February, these are all valid concerns.

But one tiny aspect of the conversation which gets little or no attention is the place of illicit money in the micro-economy, chief among which c0mes from internet crimes.

At the micro-level, Yahoo boys disrupt the neighbourhood markets and influence upward movement of prices with their trademark reckless spending; ultimately making a mess of the average person’s earning power/disposable income. In a nation where workers’ wages do not move with inflationary pressures, where governments at the sub-national level are still debating the possibility of paying N18,000, only those at the lower rung of the ladder bear the brunt.

In contemporary times, there are places the average salary earner can’t afford to rent a modest apartment, especially in Western Nigeria. And that’s not because the infrastructural facilities are superb, nor because the houses are really spectacular; it’s largely because of the “crowding out” effect of “Yahoo-yahoo”. In those places, you’d have to outspend young yahoo boys living large with no legitimate source of income, ever ready and willing to pay huge amounts on properties, and, thus, shooting up the market prices beyond the reach of the everyday Lasisi, Chinaza or Aliyu.

Like any other form of illicit financial flow, internet scam places economic power in the hands of criminals, making a mess of legitimate hustlers’ sweat, with rapacious traders and service providers pushing prices up at dizzying heights, especially at the micro-level. Anyone who has had any interaction with folks in the real estate sector in recent time, especially on the Lagos-Oyo-Ogun corridor, would probably have had to face the “crowding out” effect of the overwhelming presence of ‘Yahoo boys’ in that sector. Landed property that ordinarily should be sold at prices within the reach of the average salary earner has since been overpriced.

The first cohort of Nigerian fraudsters who operated in the 1990s was largely uneducated, and that group was followed by others who were frustrated by the nation’s poor economy. Between the 1990s and now, Nigeria’s economy has gone through a lot, with the nation’s statistic bureau putting the unemployment figures at 33.3% in its last report. Consequently today, internet fraud has become a near-pandemic among Nigerian youths, with almost every skinny boy in sagging trousers sitting in an apartment and diverting huge cash into his bank accounts. And because the market is no respecter of ‘morality’, and price responds largely to demand and buyers’ purchasing power, inflation sets in and the power dynamics swing toward those who wield the Benjamins, leaving the economically powerless (even if law-abiding) in the lurch.

To be sure, measuring the impact of ‘Yahoo boys’ spending culture on the micro-economy, and ultimately inflation, could prove difficult, if not near-impossible. It is very unlikely that such a variable would even have any major impact on Headline inflation. But given the ubiquity of ‘Yahoo boys’ in our neighbourhoods in recent years, it would be interesting to know what the impact is in (micro)economic terms, beyond the oft-trumpeted concern around Nigeria’s diplomatic image.

On the flipside of the ‘Yahoo-yahoo’ spending culture on the micro-economy is the bigger impact of other forms of illicit financial flow on the macro-economy, as captured in the activities of those a pop artist described as “Agba Yahoo” (Older Yahoo boys)–the oil tycoons, politicians, bankers, etc.

In the end, the pressures come from both ends. And it’s a case of double jeopardy for the average salary earner, poor artisan or struggling entrepreneur—both at the micro and macro levels.
https://www.premiumtimesng.com/business/business-data/451854-how-much-inflationary-pressure-do-yahoo-boys-heap-on-nigerians-by-oladeinde-olawoyin.html

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by optionalY09: 10:05pm On Mar 31, 2021
Population of unemployed people have no romantic name

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by zoeA: 10:41pm On Mar 31, 2021
Bros all this big grammar na for who?

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by MrImole: 4:36am On Apr 01, 2021
17
Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by apasino01: 4:37am On Apr 01, 2021
zoeA:
Bros all this big grammar na for who?
No mind am

66 Likes 1 Share

Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by HenryThegreat1(m): 4:38am On Apr 01, 2021
Yahoo boys have made buying of landed properties in my own town Agbor very very expensive.

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by DuBLINGreenb(m): 4:39am On Apr 01, 2021
You fools yahoo boys are not your problem you didn't elect yahoo boys into office they owe you nothing

Yahoo boys cannot and did not cause any inflation, government did with their excessive borrowing, excessive spending and looting and over pricing everything to get their cut from every contract like the RCCG road saga road redeemed church repaired for millions is what govmt spends 2 billion per kilometre on, and Ganduje stuffing babariga and Tinubu ordering bullion vans to his homes like pizza delivery and people sharing money during elections these are what causes inflation. Not 500u.s dollars one small boy somewhere picked or even 2k u.s dollars for one small scammer cannot cause inflation in the full Nigeria with over 200million people.

Everyday yahoo boys, everyday yahoo boys, I believe it's those old fools ruling sponsoring all these kind of headlines and news as distractions, one thing you don't even consider is imagine no yahoo at all calculate how much poverty would be in Nigeria, the south Will be much worse than the north in poverty. Because money doesn't get to us here the people I don't mean the govmt.

Because of tribalism atleast northerners get federal and state jobs, I was in the north for 3 years couldn't get one job because of my name and state of origin, I will go they'll tell me openly "oga this your name, them no go fit even do mistake accept you" and for 3 years from Abuja, Kano, Jigawa, and so on I didn't get one job my friend from Benue changed his name to Musa and he can speak Hausa, the man who gave him the job told him openly he wanted to give the slot to an hausa person and that's the reason he is giving it to him to make sure it's his fellow Hausa man, he told him this in Hausa (foolish man die for Mumu man backyard) he is working for customs today. I refused to change mine so I had to return to the south south before Joblessness kill me. Most Benue, kogi, Kaduna, Nassarawa even if they are not Hausa they'll claim to be Hausa and most of them even bear Hausa names or these generic Aliyu, Musa, Shehu and co. Just to survive there, they also speak Hausa, you need these to survive in Our DARLING ONE NIGERIA
But the only option open to you who is from the south, especially South south of you don't want to change your name and learn Hausa Man Know man find one uncle or aunty who is a big man or woman if you no get just forget it na Militancy get you last last come join us for gun boat

Incase you are wondering I graduated with a good result, They didn't open my envelop once, all they looked at was the name, they didn't even read the C.V (who get that time), the ones that manage to open the envelope just look at the c.v scheming through looking for State of Origin, I studied something very appealing and generally applicable especially to politics and government work. I just wanted Government work atleast for experience and start up, that's what I was interested in, I applied to Nimasa, customs, Corporate affairs commission, immigration, judiciary etc e no get where I no apply

So please and please Leave yahoo boys face your Evil leaders who will not build hospitals but go and use other countries hospitals their governments built for them.

They will not give you government grants or loans but will go and patronise and invest in other people's foreign countries companies and industries built with their own government grants and loans

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by FairlyUSEDpussy: 4:40am On Apr 01, 2021
Olohun........

A good pair of jean is now sold 12/15k.......
A good sneaker is now 25k upward.......
A befitting/average slipper is 17k upward.....

Ado Ekiti to be precise!!!!!!

All thanks to yahoo boys

Modified:
Why r people quoting to doubt me
Jux carry yo ass down to Ado first....
Then enter fayose market to get prices of clothing yourself

Pls......y'all black monkey face quoting me outta context sud fvck of!!!

Everything has been on the rise here due to their reckless spending..........even before dollars became scarcity.......

Don't be a doltish muttonheaded id.iotic bastard!!!![

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by verygoodbadboi: 4:41am On Apr 01, 2021
Actually I believe all countries have their yahoo boys

@op failed economics here

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by amazingspiderma: 4:43am On Apr 01, 2021
Get a life. People like you can't see the type of leadership you elected but keep blaming ordinary Nigerians for Nigeria's problem.
How about you do a thread on how those who support BH, bandits and herdsmen have messed up the economy.

Like I said Get a life.

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by missiret(f): 4:46am On Apr 01, 2021
why are some people pained because of this write-up? I don't understand o

60 Likes 7 Shares

Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by Ssumtry: 4:49am On Apr 01, 2021
ok
Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by KevMitnick: 4:50am On Apr 01, 2021
Things have become really bad for the average citizen because these boys don't even negotiate prices of goods and services anymore. undecided

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by Seyi8750: 4:50am On Apr 01, 2021
Wahala for who no do yahoo

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by joinpreneur(m): 4:52am On Apr 01, 2021
Most of the comments above are senseless, bias and totally null and void. The op brought a salient issue on what contributed to the increase in price of some essentials. Therefore, making life difficult for the less privileged.

No matter how it's christened, whatever is bad can't be called good. And God will punish whoever deserves to be punished over this issue.

He'll punish anyone who oppresses the poor.

The government oppresses the poor. They'll face the consequences.

If you're here too and you're into any fraudulent activity, Trust me, you can't escape it. You're setting strange fire for yourself and your posterity. By the time the fire is done...hmmm

And those of you waiting on God. Shebi you know how to fraud, but you chose not to. You keep your integrity! Haba! There's a great reward coming. Don't compare yourself with anyone.

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by adesegun121(m): 4:53am On Apr 01, 2021
Say no to crime

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by samnificent(m): 4:53am On Apr 01, 2021
Prices of things are actually normal in my neighbourhood despite the presence of a lot of yahoo boys, there are clothe shops that sell a pair of jeans for as low as #3k while some sell at #8k-12k it just depends on what you can afford and the quality (you don't expect to buy original designers for 3k na) you can even buy okrika for 1k if e choke.

Price inflation here is mostly due to the weak naira, an original nike goes for about a $100 or more which is like 41k due to the exchange rate, i remember getting a pair of nike airforce at a nike store in early 2019 for 27k but going back to the store the prices have gone up, making it affordable to mostly the rich and fraudsters.

There are 3-5star restaurants and also regular restaurants like chicken republic.

The rent of houses depends on the location you want to live in,you can't get a house in an high-brow area and be expecting cheap rent.

You just go for what you can afford sha, It's that simple.

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by livinbygrace: 4:54am On Apr 01, 2021
You are either shortsighted or not welll informed.Since I was born 45 years ago,all I have been hearing in Nigeria is he-go-better and things are getting worse in the country.Is it yahoo boys that crumbled our economy in the 80s when a naira was even stronger than dollar?Almost all businesses (hospitality,auto business,real estates,even almighty oil business) are crumbling in Nigeria.Is it yahoo boys that’ privatized NEpa and still no light but they issued crazy ,outrageous bill and nobody to question?Is it yahooboys that said all our road should not be motorable ?Last time,super eagle could not travel to ordanary Benin republic because that route is totally displorable and eyesore,is it yahoo boy?Are you surprised that Ghana is now taking over and most of our celebrities and well to do guys are trooping their recently to invest?
You are not smart and your sanity needs to be checked

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by ec0malchemist(m): 4:59am On Apr 01, 2021
Nzn
Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by omoyankee3(m): 5:01am On Apr 01, 2021
Noted
Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by heniford2: 5:04am On Apr 01, 2021
who go teach me work self

5 Likes 1 Share

Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by adonainana: 5:05am On Apr 01, 2021
Believe it or not illicit flow of money has always been part of what has always driven the Nigerian economy

From the ade Bendels in the late 1980’s and 1990’s

From the drug barons who worked with Tinubu in the 1990’s toward the early 2000,s

The yahoo themed boys who have worked from the internet era 2003- present

Fraud money has been substantially part of whar has directly and indirectly run Nigerian economy

Even from the govt corrupt practices, think about how much Abacha stashed abroad and yet that time 1993-1998 the economy was really really good even better than his predecessors yet the treasury was looted so much 20 years after it is still coming back

And it will only get worse, this last year alone confirms it

I can only feel sorry for the poorest people in this country

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by DuBLINGreenb(m): 5:05am On Apr 01, 2021
HenryThegreat1:
Yahoo boys have made buying of landed properties in my own town Agbor very very expensive.

Go the next community go buy, land no dey finish, use Google maps see for yourself, land wey still dey empty, unused, fallow plenty wella

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by shegsrules(m): 5:06am On Apr 01, 2021
Internet fraudsters and political thieves have a lot in common. Buy expensive and over priced commodities to show those around and the seller that their money no get mate. But when shit hits the fan dem go sell am for peanuts to sustain same preying eyes and yes men them

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by Omihanifa: 5:08am On Apr 01, 2021
K
Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by SeasonedMEMBER(m): 5:08am On Apr 01, 2021
No difference between our politicians and the Yahoo boys.

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by Duplexxx: 5:09am On Apr 01, 2021
Yahoo no be work

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Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by Karlovych: 5:09am On Apr 01, 2021
embarassed embarassed Jubrin is a disaster, he is in London working with foreign doctors to work on his clone mask, that's why he's been in hiding all these while

5 Likes 1 Share

Re: How Much Inflationary Pressure Do "Yahoo Boys" Heap On Nigerians? by DuBLINGreenb(m): 5:09am On Apr 01, 2021
ec0malchemist:
Another reason why “yahoo” is common in Nigeria is because the society celebrates the fraudsters. Musicians release songs hailing them. Mothers and pastors pray for them. Hotels and clubs accord them VIP treatment. Girls flock around them. In fact, it’s as if they are on top of the world. A woman who sells recharge cards once commented that she sees nothing wrong with what the boys are doing because they patronize her business very well. She is not the only one with such opinion. Many are OK with what the boys are doing because the boys are moving from armed robbery to internet fraud. As long as people in the society are not being harmed by the boys, everybody is fine with the situation on ground.

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Shut up it is because no jobs, no start up funds, no capital, no business loans, no youth oriented programs, no government policy to get graduates owning a house in 5 years as you have else where, where you can use government loan to go to school, buy house buy car, still go to private lenders using only credit score collect money for other things, still collect phone from Apple and pay small small from either your salary and so on

Incase you fall on had times you have several safety nets
Like if you read Oliver twist all the orphans, homeless people etc at a certain time would go to government facilities to collect free food, them churches have such houses too

If you read John Grisham's the street lawyer, the state had homeless shelters for homeless people, whenever their was heavy snow or something each shelter starts accepting people till it's full to capacity.

Till today emergency blankets, coffee and a small stipend is given to needy across the world, for countries where it snows during heavy snow police and other government workers and agencies go from place to place looking for homeless people to shelter so they don't freeze and die.

We in Nigeria OUR DARLING NATION I've seen dead bodies on the street, mad people in the rain, excrement by the side of the roads Wetin we never see?

This is why I will not take any vaccine, government that cannot feed me, cure malaria, prevent dysentry by providing common pipe borne water wants to give me free vaccine of how much? If they can hoard food, palliatives people donated to us and gave them to them to share, it shows they can do anything those people want us dead.
They should use covid 19 money to reduce malaria in Nigeria, more people die of malaria than Covid 19.

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