Oxfam Nigeria warns that the wealth gap in Nigeria has reached crisis levels, with 70% of the population facing hunger. The report highlights the growing wealth of billionaires and calls for government action to reduce inequality and invest in essential services.
Oxfam Nigeria , a non-profit organization, has issued a stark warning about the escalating wealth gap in the country, stating that it has reached crisis proportions. The organization's latest report, released on Sunday, reveals that a staggering 70 percent of Nigeria 's population is grappling with hunger. Oxfam predicts that in the next decade, Nigeria will likely see the emergence of at least five trillionaires, as billionaires continue to accumulate unprecedented wealth.
The report further highlights that over 133 million Nigerians live in poverty, with women and girls disproportionately affected by this economic disparity. Oxfam calls for urgent government action, urging them to implement taxes on the wealthiest individuals to effectively reduce inequality, curb extreme wealth concentration, and dismantle the burgeoning aristocracy.Contrary to popular belief, Oxfam asserts that 60 percent of billionaire wealth originates not from earned income, but rather from inheritance, monopoly power, or connections stemming from cronyism. The report identifies two primary drivers of billionaire wealth accumulation: unmerited wealth and colonialism. Oxfam emphasizes that colonialism, encompassing both the historical legacy of brutal wealth extraction and its enduring influence on present-day inequality, plays a significant role in this phenomenon. The organization cites examples like that of billionaire Vincent Bolloré, whose vast media empire, serving France's nationalist right, was partly built on colonial activities in Africa. Oxfam also points to the burden of debt faced by low and middle-income countries, which spend an average of nearly half their national budgets on debt repayments, often to wealthy creditors based in New York and London. The report concludes that the legacy of colonialism continues to shape Nigeria's economic landscape, concentrating wealth in the hands of a small elite. The wealthiest 1 percent wield disproportionate power and influence, leaving the majority of Nigerians behind. In a striking illustration of this disparity, Oxfam states that the combined wealth of Nigeria's four richest billionaires, amounting to $23.7 billion, is sufficient to cover the entire city of Lagos in 500 naira notes
Economics Nigeria Wealth Gap Inequality Oxfam Poverty Colonialism Billionaires
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