By Abubakar Yunusa
Oxfam Nigeria has sounded the alarm over widening inequality in the country, revealing that 70% of Nigerians face hunger while wealth accumulates at an unprecedented rate among a select few.
The report titled ‘takers not makers,and State of climate finance in Nigeria ‘presented on Monday by Hamzat Lawal, Chief Executive of Connected Development (CODE), highlights the growing divide, predicting the emergence of at least five trillionaires in the next decade.
According to Oxfam, over 133 million Nigerians live in poverty, with women and girls disproportionately affected.
The organisation called for urgent government intervention, including the imposition of taxes on the richest individuals to combat inequality and dismantle what it described as an “emerging aristocracy.”
“Unmerited wealth and colonialism—both as a legacy of historical exploitation and a driver of current inequality—are key factors fueling extreme wealth accumulation,” Oxfam stated.
The report noted that 60% of billionaire wealth stems from inheritance, monopolies, or crony connections, rather than earned income.
Oxfam pointed to billionaire Vincent Bolloré, whose fortune was partly built on colonial activities in Africa, as an example of how wealth in Europe and beyond is linked to historical exploitation.
It also highlighted Nigeria’s mounting debt crisis, with a debt service-to-revenue ratio soaring to 162% in 2024, compared to 128% in 2023.
The concentration of wealth among a small elite further exacerbates economic disparities, with the richest 1% wielding significant power and influence.
The report starkly illustrated this disparity, noting that the combined wealth of Nigeria’s four richest billionaires—$23.7 billion—could cover the entire city of Lagos in 500 naira notes.
John Makina, Country Director of Oxfam Nigeria, described the situation as a moral and social crisis. “While a few individuals amass immense wealth, over 133 million Nigerians face hunger daily,” Makina said.
“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.”
Oxfam also highlighted that 99% of Nigeria’s wealthiest citizens evade or avoid taxes, exacerbating inequality and depriving the government of revenue needed to address pressing social issues.
The organisation called for robust action to reform the tax system and redirect resources toward critical investments in healthcare, education, and infrastructure.
