Nigeria’s Wealth Controlled By Few People In 5 States, Says Buhari

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President Muhammadu Buhari said yesterday that while Nigeria’s wealth is concentrated in the hands of a few people living in 4 or 5 states and the FCT, about 150 million others are languishing in poverty in the remaining 31 states.

He, however, noted that with the successful conduct of the 2019 general elections, and the commitment and vision of those who emerged winners, policies are being put in place that focus on delivering prosperity to all Nigerians through enhancing security and eliminating corrupt practices in the public service for an improved economy.

Buhari, who addressed delegates at the opening session of the 25th Nigeria Economic Summit (NES#25) in Abuja, said, “A significant proportion of Nigeria’s prosperity today is concentrated in the hands of a few people living primarily in 4 or 5 states and the FCT. Some of the most prosperous Nigerians are here in this room.

“This leaves the remaining 31 states with close to 150 million people in a state of expectancy and hope for better opportunity to thrive. This, in the most basic form, drives the migratory and security trends we are seeing today both in Nigeria and across the region.”

President Buhari said he was more committed to driving economic prosperity as opposed to economic growth. He noted that a prosperous country is one where majority of the citizens have an acceptable standard of living and a decent quality of life as opposed to a society with a few wealthy people. Buhari also said in addressing population growth, security and corruption matters in developing economies, policies and programmes must focus on promoting inclusivity and collective prosperity.

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“During the elections, almost all candidates proposed their vision for the economy and for the country. Our party, the All Progressives Congress, put before the country policies that focus on delivering prosperity to all Nigerians through enhancing security, eliminating corrupt practices in public service, supporting sectors that will create jobs, and promoting socially-focused interventions to support the poorest and most vulnerable among us,” he said.

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'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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