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Oxfam: Nigeria’s wealth gap at crisis level… four billionaires’ wealth could cover Lagos in N500 notes - THE CABLE
Oxfam Nigeria, a non-profit organisation, has warned that the wealth gap in Nigeria has reached crisis levels, with 70 percent of the population experiencing hunger.
In a report on Sunday, the organisation said billionaires are accumulating unprecedented wealth, predicting at least five trillionaires in the next decade.
Oxfam also reported that over 133 million people in Nigeria live in poverty, with women and girls disproportionately affected.
The organisation urged governments to impose taxes on the richest individuals to reduce inequality, end extreme wealth, and dismantle the emerging aristocracy.
Contrary to common belief, the report said 60 percent of billionaire wealth originates from inheritance, monopoly power, or crony connections –rather than earned income.
“Unmerited wealth and colonialism —understood as not only a history of brutal wealth extraction but also a powerful force behind today’s extreme levels of inequality— stand as two major drivers of billionaire wealth accumulation,” Oxfam said.
“Many of the super-rich, particularly in Europe, owe part of their wealth to historical colonialism and the exploitation of poorer countries.
“For example, the fortune of billionaire Vincent Bolloré, who has put his sprawling media ‘empire’ at the service of France’s nationalist right, was built partly from colonial activities in Africa.
“Low and middle-income countries spend on average nearly half of their national budgets on debt repayments, often to rich creditors in New York and London.
“Nigeria’s debt to service ratio rose to 162% in 2024, as compared to 128% in 2023.
“The legacy of colonialism plays a significant role in Nigeria’s economic disparities, with the country’s wealth largely controlled by a small elite.
“The richest 1% hold a disproportionate amount of power and influence, leaving the majority of Nigerians behind.”
‘WEALTH OF 4 NIGERIAN BILLIONAIRES CAN COVER ENTIRE LAGOS IN 500 NAIRA NOTES’
Oxfam stated that the wealth of Nigeria’s four richest billionaires, amounting to $23.7 billion, is sufficient to cover Lagos in 500 naira notes.
“In Nigeria, the wealth of four billionaires (US $23.7 billion) could easily cover the whole of Lagos city in 500 naira notes,” Oxfam said.
Speaking on the report, John Makina, country director of Oxfam, said Nigeria must address social injustices and invest in essential services to lift millions out of poverty.
“Nigeria’s wealth gap is a moral and social crisis. While a few individuals amass immense wealth, over 133 million Nigerians face hunger daily,” Makina said.
“This extreme inequality is largely unearned, built on inheritance, monopolies, and unfair advantages.
“We must act now to create a fairer system—by taxing the richest, addressing injustices, and investing in services that lift millions out of poverty.”
On October 15, 2024, Oxfam said 99 percent of Nigeria’s wealthiest citizens evade or avoid paying taxes.
