The combined wealth of Nigeria’s five richest men – $29.9 billion – could end extreme poverty in that country according to a new report published by Oxfam today.
The report, ‘Inequality in Nigeria,’ exposes the large and growing gap between rich and poor. It reveals how the benefits of economic growth have been captured by a wealthy elite at the expense of ordinary Nigerians. Economic inequality is a key factor behind the conflict that has led to the severe food crisis in Nigeria’s north-eastern states. The UN estimates that five million people in north-east Nigeria will suffer from severe food shortages this year.
Celestine Okwudili Odo, Good Governance Programme Coordinator for Oxfam in Nigeria, said: “It is obscene that the richest Nigerian has amassed more money than he can ever hope to spend in a country where five million people will struggle to feed themselves this year. Extreme inequality is exacerbating poverty, undermining the economy, and fermenting social unrest. Nigerian leaders must be more determined in tackling this terrible problem.”
The report highlights significant levels of inequality between states. 69 percent of people now live below the poverty line in north-eastern states where the food crisis has hit hardest, compared to 49 percent of people in the more politically powerful regions of the southwest.
Despite being Africa’s biggest economy, the share of the national budget allocated to education, health, and social protection is one of the lowest in the region. In 2012, Nigeria spent just 6.5 percent of its national budget on education and just 3.5 percent on health. By comparison, Ghana spent 18.5 percent and 12.8 percent respectively in 2015. As a result, 57 million Nigerians lack safe water, over 130 million lack adequate sanitation and the country has more than ten million children out of school.
