Nigeria's wealth gap widens as top 1% control 44% of assets

Economist Doyin Salami said Nigeria’s richest 1 percent now hold about 44 percent of the country’s total wealth, up from roughly 25 percent two decades ago. He highlighted that federal revenue, which was equivalent to about $72 billion in 2011, has fallen to roughly $16‑17 billion in 2025 when converted at current exchange rates, reflecting a sharp loss of fiscal capacity.

Salami warned that reversing the concentration of wealth will require policies that unlock private capital, accelerate industrialisation and create jobs, rather than relying solely on government spending. He noted the industrial sector’s contribution to output has dropped from around 60 percent in the early 1980s to about 16‑17 percent today. He cited Vietnam’s plan to raise $1 trillion from international markets as an example of leveraging private investment for infrastructure.

The economist urged inclusive growth to ensure a broader share of Nigeria’s expanding economy benefits its population.