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9 most important highlights of Oxfam’s Inequality Report

Oxfam’s Inequality Report, released on Wednesday, May 17, 2017, painted a worrisome scenario on the growing poverty in Nigeria, claiming that about five million people in North-east face starvation this year.

Here are the 9 most important highlights of the report:

1. Five wealthiest Nigerians are capable of arresting the mind bending poverty level experienced by majority of the populace.
With their $29.9 billion net worth, Alhaji Aliko Dangote ($14.4 billion), Dr. Michael Adenuga, Jnr. ($9.9 billion), Mr. Femi Otedola ($1 85 billion), Mrs. Folorunsho Alakija ($1.55 billion) and Alhaji Abdulsamad Rabiu ($1.1 billion) can arrest poverty.

2. Inequality in Nigeria exposes the widening gap between the rich and poor.

3. Economic growth benefits are captured by the elite at the expense of ordinary Nigerians.

4. Economic factors and deprivation led to the growth of Boko Haram insurgents in the North-east.

5. Five million Nigerians in the North-east will suffer severe food shortages this year.

6. Nigeria’s richest man earns 8,000 more in a day than a poor Nigerian will spend in one year on basic needs.

7. More than 112 million Nigerians live in poverty, yet the richest man can spend $1 million a day for the next 42 years without blinking.

8. The number of people living in poverty increased from 69 million in 2004 to 112 million on 2010, a rise of 69 percent.

9. Celestine Okwudili Odo, Oxfam’s Good Governance Programme Coordinator, said: “It is obscene that the richest Nigerian has amassed more money than he can ever hope to spend in a country where 5 million people will struggle to feed themselves this year. Extreme inequality is exacerbating poverty, undermining the economy, and fermenting social unrest. Nigerian leaders must be more determined on tackling this terrible problem. ”

Oxfam is an international confederation of charitable organisations focused on the alleviation of global poverty. It was founded in Oxford, the United Kingdom, in 1942.

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