The Inequality report released
by Oxfam International on Wednesday, revealed that the combine
wealth of five richest Nigerians, put at $29.9 billion, could end extreme
poverty in the country.
The
report, entitled ‘Inequality in Nigeria, Exploring the Drivers and obtained in
Abuja, 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’s richest man earned 8,000 times more in one day than a poor Nigerian would spend on
basic needs in a year.
It said
that more than 112 million people were living in poverty in Nigeria, yet the
country’s richest man spent one million dollars a day for 42 years to exhaust
his fortune.
According
to the report, 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.
It also
showed that women were not being captured on the benefits of economic growth
because they tended to be employed in low-skilled, low-paid informal jobs.
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