Nigeria’s wealth gap has hit a crisis point, with the richest individuals amassing record-breaking fortunes while millions face daily struggles to survive.
In Nigeria, the combined wealth of just four billionaires ($23.7 billion) is so vast it could easily cover the whole of Lagos city in 500 naira notes, according to a recent Oxfam report.
Meanwhile, over 133 million Nigerians, around 70% of the population, are struggling with hunger, with women and girls disproportionately affected, making up nearly 63% of those impacted.
Last year, Oxfam revealed that Nigeria’s richest man, Aliko Dangote, could spend ₦1 million daily for 42 years without depleting his fortune.
Alarmingly, 60% of billionaire wealth in Nigeria is rooted in inheritance, monopolies, or cronyism, perpetuating a deep cycle of economic inequality. This imbalance is worsened by a tax system favouring the wealthy and a costly governance structure that disproportionately benefits the elite.
“Nigeria’s wealth gap is a moral and social crisis. While a few individuals amass immense wealth, over 133 million Nigerians face hunger daily. This extreme inequality is largely unearned, built on inheritance, monopolies, and unfair advantages,”
“We must act now to create a fairer system—by taxing the richest, addressing injustices, and investing in services that lift millions out of poverty,” said John Makina, Country Director of Oxfam in Nigeria.
According to the report, the legacy of colonialism continues to play a significant role in Nigeria’s economic disparities, with the country’s wealth concentrated in the hands of a small elite. The richest 1% hold a disproportionate amount of power and influence, leaving the majority of Nigerians behind.
The report proposed taxing the richest as a key step to ending extreme wealth. On October 15, 2024, Oxfam revealed that 99% of Nigeria’s wealthiest citizens evade or avoid paying taxes.
It stressed that the Nigerian government should prioritize raising social sector spending to at least 10% of the national budget, focusing on critical areas such as health, education, and agriculture to reduce the wealth gap and improve human development outcomes.
Additionally, establishing a comprehensive wealth registry and strengthening tax enforcement mechanisms are essential steps to ensure that high-net-worth individuals contribute their fair share to the nation’s development.
