Why ‘Yahoo’ Is Boosting Economic Activity – Ugo Nwokolo

Nollywood actor Ugo Nwokolo has sparked debate after claiming that internet fraud, popularly known as Yahoo, has contributed to keeping Nigeria’s economy afloat amid the country’s worsening economic hardship.

Speaking during a video discussion, Nwokolo argued that the rising cost of living and soaring house rents have made it difficult for many civil servants to survive on their salaries.

According to him, workers earning between ₦50,000 and ₦90,000 monthly cannot afford the millions of naira now required to rent apartments in cities such as Abuja and Lagos.

“Personally, I think Yahoo has helped keep the economy afloat. Do you expect a civil servant to afford house rent of ₦3 million or ₦5 million in Abuja?” he said.

The actor also questioned how low-income earners could cope with other rising living costs, including clothing, insisting that only wealthy individuals, including internet fraudsters, appear able to meet such expenses.

“If you go to Lagos now, the least you’ll see for a two-bedroom apartment is about ₦7 million or ₦8 million. Who is supposed to afford it? The civil servants? Of course, it’s the fraudsters,” he added.

Nwokolo, however, maintained that he was not endorsing internet fraud or any other criminal activity. He argued that the prevalence of Yahoo reflects the harsh economic realities many Nigerians face.

“I’m not justifying crime, but yes, Yahoo is helping the economy. How do you expect people to live in this kind of economy?” he said.