“Only Few Nigerians In Five States Own Majority Of Nigeria’s Wealth” – Buhari Laments

President Muhammadu Buhari has lamented the high rate of inequality in Nigeria, saying a large proportion of the country’s wealth is concentrated in the hands of few wealthy Nigerians based in only five states of the federation and the Federal Capital Territory (FCT).

Buhari stated this at the opening session of the 25th Nigerian Economic Summit (NES) in Abuja on Monday, October 7, 2019.

According to him, the Federal Government is putting in place measures to promote inclusiveness, noting that over the last four years, the government had been focused on lifting a large percentage of Nigerians out of poverty, uplift the disadvantaged and encourage inclusivity.

“Wealth, prosperity not same. Today, many mistake prosperity with wealth. They are not necessarily the same. Experts and analysts explain economic trends by making references to indicators of wealth.

“Wealth, however, in its simplistic form, is money or other assets. In recent years, global events have shown that when a society and its leaders are driven and motivated by these alone, the ultimate outcome is a divided state of severe inequalities.

“But a prosperous society is one where the majority of its citizens have an acceptable standard of living and a decent quality of life.

“Nigeria is a country with close to 200 million people living in 36 states and the FCT. A significant proportion of Nigeria’s prosperity today is concentrated in the hands of a few people living primarily in four or five states and the FCT. Some of the most prosperous Nigerians are here in this room.”

Buhari also said the successful conclusion of 2019 general elections and the resort by aggrieved candidates to seek redress in the courts rather than the street was proof that Nigeria‘s ‘‘democracy is maturing.’’

‘‘I am informed that this year’s Summit has identified key job-creating sectors such as agriculture, manufacturing, ICT, creative industry and extractive industry as focus sectors.

‘‘I am also told that your deliberations will focus on unlocking capital through our financial services sector to actualize the opportunities in these sectors.

‘‘In your deliberations, I would request that your proposals are productive, inventive and innovative keeping in mind that Nigeria’s unique challenges can only be solved by made in Nigeria solutions,’’ he said.

Recounting the 2019 general elections, the President said Nigeria has shown the world that it is capable of electing leaders in a peaceful and orderly manner.