Internet Fraud, ‘Yahooism’, and Youth Enterpreneurship Development: A Study of Nigeria

The rapid proliferation of the internet has reshaped communication and social interactions globally, but it has also spawned various forms of internet fraud such as identity scams, phishing, dating fraud, and credit card fraud. This study investigates the impact of internet fraud, commonly referred to as ‘Yahooism’, on the entrepreneurial ambitions and work ethic among Nigerian youths. With a significant rise in such fraudulent activities, concerns about the erosion of traditional work values have intensified. The research utilized a survey methodology, collecting data from 400 youths across Nigeria’s six geo-political zones using purposive sampling techniques. The data were analyzed through Pearson correlation statistical analysis on SPSS to assess the relationship between involvement in internet fraud and the decline in entrepreneurial spirit. Findings reveal that the allure of acquiring wealth with minimal effort through internet fraud is detrimentally impacting the youths’ drive for entrepreneurship. The study suggests incentivizing key sectors such as agriculture, ICT, education, trade, and investment with strategies like apprenticeship models and start-up capitals. Additionally, it recommends enhancing value-based education to foster a resilient entrepreneurial ethos grounded in moral values.