Five Richest Men In Nigeria Can End Extreme Poverty In The Country

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Five Richest Men In Nigeria Can End Extreme Poverty In The Country.

According to a new research released today by Oxfam, the combined wealth of Nigeria’s five richest men – $29.9 billion – could abolish extreme poverty in the country.

The paper, titled “Inequality in Nigeria,” highlights the widening disparity between rich and poor people in Nigeria. It illustrates how a privileged elite has reaped the benefits of economic prosperity at the expense of regular Nigerians. Economic disparity is a driving force behind the violence in Nigeria’s north-eastern states, which has resulted in a serious food crisis. According to the United Nations, five million people in north-eastern Nigeria would face acute food shortages this year.

According to the findings of the report:

  • The richest guy in Nigeria earns 8,000 times more in a single day than a poor Nigerian will spend in a year on basic requirements.
  • Despite the fact that more than 112 million Nigerians live in poverty, the country’s richest individual would have to spend $1 million per day for 42 years to exhaust his money.
  • Despite a rapidly increasing economy, Nigeria is one of the few countries where the number of poor people has increased, rising from 69 million in 2004 to 112 million in 2010, a 69 percent increase. During the same time span, the number of millionaires climbed by 44%.

“It is disgusting that the richest Nigerian has gathered more money than he can possibly expect to spend in a country where five million people will struggle to feed themselves this year,” Celestine Okwudili Odo, Good Governance Programme Coordinator for Oxfam in Nigeria, stated. Extreme inequality is causing poverty to worsen, the economy to falter, and social unrest to brew. Nigerian politicians must be more committed to addressing this heinous problem.”

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Significant degrees of inequality between states are highlighted in the report. In the north-eastern states, where the food crisis has had the most impact, 69 percent of people live in poverty, compared to 49 percent in the more politically strong southwest.

It also demonstrates that women are the least equipped to gain from economic growth since they are more likely to work in low-skilled, low-paying informal jobs. Women make about 60 to 79 percent of Nigeria’s rural work population, yet they are five times less likely than men to possess their own property. Women are also less likely to have received a good education; in Nigeria, for example, more than three-quarters of the poorest women have never attended school.

According to the report, high levels of corruption and the overwhelming influence of big business and a wealthy elite over government policymaking prevent poor people from benefiting from Nigeria’s wealth.

Between 1960 and 2005, for example, public officials stole an estimated $20 trillion from the Treasury.

Small and medium-sized firms, as well as workers in the informal sector, face several levies, with multinational companies receiving tax credits worth an estimated $2.9 billion per year — three times Nigeria’s entire health budget.

Despite having Africa’s largest economy, the country’s education, health, and social protection budgets are among the lowest in the region. Nigeria allocated only 6.5 percent of the national budget to education and 3.5 percent to health in 2012. In 2015, Ghana spent 18.5 percent and 12.8 percent of its GDP, respectively. As a result, 57 million Nigerians do not have access to safe drinking water, over 130 million do not have proper sanitation, and over ten million children are out of school.

“Nigeria is not a poor country, yet millions of people are hungry,” Okwudili Odo stated. The government must engage with the international community to send food and relief to hungry people as soon as possible, but this cannot be the end of it. It must lift millions of Nigerians out of poverty by establishing a new political and economic structure that benefits all citizens, not just the wealthy.”

“The government can begin by combating corruption, ensuring that large business and rich individuals pay their fair amount of taxes, investing in critical public services, and defending women’s rights,” Okwudili Odo stated.

Five Richest Men In Nigeria Can End Extreme Poverty In The Country.

Read also: Aliko Dangote biography: the story of the richest man in Africa

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