Buhari: Few Nigerians holding most of the country’s wealth

President Muhammadu Buhari says a significant proportion of Nigeria’s prosperity is concentrated in the hands of a few people.

Speaking at the opening session of the 25th Nigerian Economic Summit in Abuja, the president said those few people are currently living in four or five states and the federal capital territory.

He said while only five states had most of the wealthy people, the remaining 31 states have about 150 million people waiting for better opportunities to thrive.

The president said a prosperous society is one where the majority of its citizens have an acceptable standard of living and a decent quality of life.

‘‘Today, many mistake prosperity with wealth. They are not necessarily the same. Experts and analysts explain economic trends by making references to indicators of wealth,” he said.

‘‘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.

“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.

“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.”