By Abdur Rahman Alfa Shaban with OXFAM
The wealth of Africa’s richest man, Aliko Dangote and four other Nigerians is enough to end poverty in Africa’s most populous nation, according to a research published by the charity group, Oxfam.
The report titled ‘Inequality in Nigeria – Exploring the drivers,’ said despite the current economic recession in the country, ‘‘a small group of elites enjoys ever-growing wealth,’‘ whiles ‘‘more than half of the Nigerian population still grapples with extreme poverty.’‘
‘‘In Nigeria, the scale of economic inequality has reached extreme levels, and it finds expression in the daily struggles of the majority of the population in the face of accumulation of obscene amounts of wealth by a small number of individuals.
While more than 112 million people were living in poverty in 2010, The richest 4 Nigerian man will take 42 years to spend all of his wealth at 1 million per day.
‘‘While more than 112 million people were living in poverty in 2010, The richest 4 Nigerian man will take 42 years to spend all of his wealth at 1 million per day,’‘ the report noted in its Executive Summary.
According to the group’s calculations, to lift all Nigerians living below the extreme poverty line, the amount of money needed will be about $24bn, ‘‘This amount of money is just lower than the total wealth owned overall by the five richest Nigerians in 2016, which was equal to $29.9 billion.’‘
They added that amount of money the richest Nigerian man (in this case Aliko Dangote) can earn annually from his wealth is sufficient to lift 2 million people out of poverty for one year. Nigeria’s extreme poverty line is currently pegged at $1.90.
Five richest Nigeria according to Forbes Magazine
Aliko Dangote – cement and other investments (net worth $14.4bn)
Mike Adenuga – telecommunication (net worth $9.9 billion)
Femi Otedola – oil industry and business (net worth US$1.85 billion)
Folorunsho Alakija – oil industry, business and fashion (net worth $1.55 billion) and
Abdul Samad Rabiu – businessman, sugar refining, cement, real estate (net worth $1.1 billion).
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