Boomerang Effect: Understanding Cyber Crime and the Economy of South- South Nigeria

Abstract

A largely overlooked area in the discourse of cyber crime is its impacts on the societal economy. Using exploratory design and qualitative research tools (in-depth interview), we collected data from 20 purposively selected youths, yahoo boys, landlords, traders and hotel managers from the two purposively selected local government areas (Oredo and Egor LGAs) to examine the causes and effects of cyber crime on the cost of tenancy, hotel lodging and prices of goods and services in Edo State, Nigeria. Findings showed that cyber crime is caused by poverty, unemployment and loss of societal values while these causative factors influenced the cost of tenancy, lodging and prices of goods and services in the markets to the detriment of an average resident. The study, therefore recommends, among other things, government intervention through job creation and stabilization of prices and costs of things so as to better the lots of common man in the state