In 2004, more than 68 million Nigerians were living in poverty with zero number of billionaires in the country. By 2010 these figures have risen: the poor to about 113 million & the number of billionaires from zero to two. That means for every additional billionaire that is made into the Nigerian Forbes’s list, there are about 22 million Nigerians that slipped into poverty.Is this a coincidence? That the cost of producing a Nigerian billionaire is the shoving of over 20 million Nigerians into poverty?
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One thought on “Has Nigeria’s oil fortunes been breeding billionaires at the expense of combating poverty?”
Obviously yes. Nigeria is a country where there is a high degree of wealth inequality, the disparity between the rich and the poor is mind blowing. Oil is our only source of large income in the country and it has been monopolize by some group of people know to politicians or political godfathers.