Wealth of 5 richest Nigerians can end extreme poverty in Nigeria

Written by  May 17, 2017

The Inequality report released by Oxfam International has revealed that the combined wealth of five richest Nigerians, put at 29.9 billion Dollars, could end extreme poverty in the country.

The report, entitled ‘Inequality in Nigeria, Exploring the Drivers’ exposed the large and growing gap between the rich and poor in Nigeria. It revealed that the benefits of the nation’s economic growth had been captured by a few wealthy elite at the expense of the ordinary Nigerians.

According to the report, the economic inequality is a key factor in the conflict in the north-eastern states of the country.

Oxfam International also disclosed that Nigeria is one of the few countries where the number of people living in poverty is on the increase despite the growth of the economy.

The report also indicated that 69 per cent of people now live below the poverty line in north-eastern states, compared to the 49 per cent in the south-west.

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