In a startling revelation, Oxfam’s latest report has exposed the surging inequality in Nigeria, where the wealth of the richest continues to grow exponentially while millions remain trapped in poverty.
The report by CODE’s executive director Hamzat Lawal reveals that billionaires globally amassed $2 trillion in 2024—a growth three times faster than the previous year.
In Nigeria, the wealth gap has reached alarming levels, with four billionaires controlling $2.7 billion, enough to cover Lagos in N5,500 notes.
Meanwhile, over 133 million Nigerians—nearly 70% of the population—grapple with poverty and hunger, with women and girls disproportionately affected.
Women make up 63% of the food-insecure population, underscoring the gendered impact of economic disparity.
Oxfam’s findings reveal that 60% of billionaires’ wealth in Nigeria stems from inheritance, monopolies, or crony connections.
This concentration of unearned wealth is compounded by an aggressive tax regime and high governance costs, which benefit the elite at the expense of the masses.
The legacy of colonialism also looms large, with wealth extraction and financial systems designed to perpetuate global inequality.
Fatih Mzee Hanna, an international director for Africa, emphasised that colonial exploitation stripped resources from poorer nations and established financial architectures that sustain inequality today.
Examples like European billionaires benefiting from historical colonial activities illustrate the global scope of this issue.
Oxfam’s country director in Nigeria, John Makina, called on the government to urgently address this crisis by taxing the wealthy, implementing progressive tax reforms targeting billionaires and millionaires, eliminating tax havens: abolishing systems that allow the wealthy to evade taxes, investing in public services: allocating at least 10% of Nigeria’s national budget to health, education, and agriculture. Promoting equity: ensuring that the income of the top 10% does not exceed that of the bottom 40%. He advocated cancelling Nigeria’s rising debts, which surged by 162% in 2024.
“Reducing inequality could end poverty three times faster,” Makina stated, urging the government to prioritise inclusive policies.
The event also shed light on climate finance, with speakers like Tengi George Okoli of the Natural Resource Governance Institute (NRGI) stressing the need for grants over loans to address climate challenges.
“Nigeria spends nearly half its national budget on debt repayments. We must focus on sustainable financing options,” Okoli remarked.
She highlighted the disparity in climate investments, where oil-dependent states face severe vulnerabilities.
Okoli called for better fiscal tracking and inclusive governance to ensure climate finance reaches marginalised communities.
Other contributors, including Comrade James Enatace of the Nigeria Labour Congress (NLC) and Ifeoma Malo of Clean Tech Hub, emphasised the importance of addressing systemic inequality.
Malo pointed to Nigeria’s overreliance on the financial sector, which contributes significantly to GDP but employs fewer people than the real economy.
The report underscores the urgent need for systemic reforms as Nigeria confronts these intersecting crises of wealth inequality and climate vulnerability.
Speakers urged the government, civil society, and citizens to hold policymakers accountable and advocate for fairer economic policies.
They emphasised that Oxfam’s report is a sobering reminder of the moral and social crisis of extreme inequality. Without immediate action, the wealth gap threatens to undermine Nigeria’s development and deepen social unrest.
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