President Muhammadu Buhari, on Monday lamented on inequality in the Country, noting that a significant proportion of Nigeria’s wealth was concentrated in the hands of few Nigerians.
Buhari, while Speaking at the 25th Nigerian Economic Summit, NES, in Abuja on Monday, disclosed that these few wealthy Nigerians are based in only five states of the country and the Federal Capital Territory, FCT.
He, also, stated that the Federal Government is putting in place measures to promote inclusiveness, noting that in the last four years, the government has been focused on lifting a large percentage of Nigerians out of poverty, uplift the disadvantaged and encourage inclusiveness.
“Today, many mistake prosperity for 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 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.” he said.
The president further noted that from his recent visits to the United Nations, Niger Republic, Japan and South Africa, he has observed the increased consensus by leaders, governments, the public and private sectors, adding that to address population growth, security and corruption matters in developing economies, policies and programmes.
According to him, this shift implies that the concept of having competitive free markets that focus on wealth creation alone will be replaced by those that propagate the creation of inclusive markets, which provide citizens with opportunities that will lead to peaceful and prosperous lives.