Nigeria's wealth gap has reached a crisis point, with a recent Oxfam report revealing that the combined wealth of just four billionaires ($23.7 billion) is so vast it could easily cover the whole of Lagos city in 500 naira notes. This staggering figure highlights the extreme inequality in the country, where millions of people struggle to survive daily.

The report paints a grim picture of Nigeria's economic landscape, where 70% of the population, or over 133 million people, are struggling with hunger. Women and girls are disproportionately affected, making up nearly 63% of those impacted. This is in stark contrast to the opulent lifestyles of the country's richest individuals, who have amassed fortunes that could sustain them for decades.

One of the primary drivers of this wealth gap is the concentration of wealth among a small elite, often built on inheritance, monopolies, and unfair advantages. According to the report, 60% of billionaire wealth in Nigeria is rooted in these factors, perpetuating a deep cycle of economic inequality. The tax system, which favors the wealthy, and a costly governance structure that disproportionately benefits the elite, further exacerbate the problem.

Oxfam's Country Director in Nigeria, John Makina, has called for urgent action to address this crisis, stating, "Nigeria's wealth gap is a moral and social crisis. While a few individuals amass immense wealth, over 133 million Nigerians face hunger daily. This extreme inequality is largely unearned, built on inheritance, monopolies, and unfair advantages." Makina advocates for a fairer system, achieved by taxing the richest, addressing injustices, and investing in services that lift millions out of poverty.

The report also highlights the legacy of colonialism as a significant contributor to Nigeria's economic disparities, with the country's wealth concentrated in the hands of a small elite. The richest 1% hold a disproportionate amount of power and influence, leaving the majority of Nigerians behind.

To address this crisis, the report proposes several key steps, including taxing the richest to end extreme wealth. Oxfam revealed that 99% of Nigeria's wealthiest citizens evade or avoid paying taxes, highlighting the need for a more equitable tax system. Additionally, the report recommends prioritizing social sector spending to at least 10% of the national budget, focusing on critical areas such as health, education, and agriculture to reduce the wealth gap and improve human development outcomes.

Establishing a comprehensive wealth registry and strengthening tax enforcement mechanisms are also essential steps to ensure that high-net-worth individuals contribute their fair share to the nation's development. By taking these steps, Nigeria can begin to address its extreme wealth inequality and create a more just and equitable society for all its citizens.

The Oxfam report serves as a stark reminder of the need for urgent action to address Nigeria's wealth gap crisis. As the country continues to grapple with the consequences of extreme inequality, it is imperative that policymakers and stakeholders work together to create a fairer, more sustainable economic system that benefits all Nigerians, not just the privileged few.