On Wednesday May 17th Oxfam International launched the Nigeria Inequality Report, which caused quite a stir in the national media.
Nigeria is seen as Africa’s largest economy and one of the fastest-growing in the world. Yet, more than half of the Nigerian population still grapples with extreme poverty, while a small elite enjoys ever-growing wealth.
The disparity is such that the amount of money that the richest Nigerian man can earn annually from his wealth is sufficient to lift two million people out of poverty for one year. The wealth of the five richest Nigerians combined could end extreme poverty altogether. And the huge economic disparity is a major factor in the conflict that affects the Northeastern states.
This report provides a picture of the current state of poverty and economic inequality in Nigeria, identifies the main drivers of this situation and presents some policy solutions.