Oxfam International says five richest Nigerians can end poverty

Oxfam International’s Inequality report on Wednesday, showed that the aggregate wealth of five richest Nigerians totaling $29.9 billion could turn around the economic status of the country. Titled ”˜’Inequality in Nigeria, Exploring the Drivers” the report revealed the yawning gap between the rich and poor in Nigeria. The report confirmed that the benefits of the nation’s economic growth is being held by a handful of wealthy individuals to the disadvantage of majority of Nigerians. It also showed that economic inequality plays an integral part in the conflict experienced in the North Eastern part of the country. Among other startling revelations is that Nigeria’s richest man gets 8,000 times over in basic needs daily than a poor citizen would get in a year.Around 112 million people in Nigeria are living below the poverty line while the country’s richest man can spend one million dollars daily for 42 years to finish his wealth. Nigeria, according to the report, is one of the countries where there is disproportionate growth of economic standard of the citizens as the economy grows. About 69 per cent of Nigerians are living below the poverty line in North-Eastern states, while there are 49 percent in the south west. No data is released for women’s economic growth owing to their engagement in in low skill, low paid casual jobs. The women take between 60 per cent and 79 per cent of rural labour workers but it is five times unlikely for them owning land than man. They are also less likely to have experienced a desirable education, since about three quarters of the poorest women in the country never went to school. It was revealed in the report that poor people has nothing to benefit from Nigeria’s wealth because of endemic corruption as well as extreme influence by big business and the elite in government’s policy making.