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Few Nigerians in 5 states, FCT, own majority of Nigeria’s wealth — Buhari

Published

6 years ago

October 7, 2019

President Muhammadu Buhari, today, lamented the widespread inequality in Nigeria, stating that a significant proportion of the country’s wealth is concentrated in the hands of a few Nigerians.

Speaking in Abuja, at the opening session of the 25th Nigerian Economic Summit, NES, Buhari disclosed that these few wealthy Nigerians are based in only five states of the federation and the Federal Capital Territory, FCT.

He, however, noted that the Federal Government was putting in place measures to promote inclusiveness, noting that over the last four years, the government had been focused on lifting a large percentage of Nigerians out of poverty, uplift the disadvantaged and encourage inclusivity. Wealth, prosperity not same He said,

“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. 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 the 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.”

Buhari further noted that from his recent visits to the United Nations, Niger Republic, Japan and South Africa, he observed the increased consensus by leaders, both government and in the public and private sectors, that to address population growth, security and corruption matters in developing economies, policies and programs must focus on promoting inclusivity and collective prosperity.

According to him, this shift implies that the concept of having competitive free markets that focus on wealth creation alone would be replaced by those that propagate the creation of inclusive markets which provide citizens with opportunities that will lead to peaceful and prosperous lives.

Only local solutions can solve Nigeria’s problems Furthermore, he advised participants at the summit to adopt proposals that are productive, inventive and innovative, adding that they should also be wary of the fact that Nigeria’s unique challenges can only be solved by made in Nigeria solutions.

“As a government, we very much look forward to our continued collaboration with the private sector in designing and implementing developmental projects that will keep Nigeria on track for sustained, inclusive and prosperity driven growth.”

Vanguard

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Nigeria’s Historic Bid for the 2030 Commonwealth Games: A Call for National and Global Support

Published

7 days ago

September 30, 2025

The Gleamer

Joel Ajayi

Nigeria is poised to make history as it seeks to host the Centenary Commonwealth Games in 2030, a monumental opportunity that promises to transform the nation’s economy, infrastructure, and global standing.

More than a sporting spectacle, the Games would serve as a catalyst for development across multiple sectors, leaving behind a legacy of national pride and sustainable growth.

The benefits of hosting the Games extend far beyond the sports arena. Nigeria stands to gain both empirical and non-empirical advantages, with direct, indirect, and induced impacts that will touch every corner of society. Infrastructural development will take center stage, with new facilities such as indoor sports halls, conference centers, and improved road networks reshaping urban landscapes while strengthening the nation’s capacity to host future international events.

Economic growth is another significant dividend. Over 10,000 jobs are expected to be created, spanning construction, facility management, event planning, and tourism services.

The hospitality industry will undergo major improvements as hotels and resorts are upgraded to meet international standards, while local restaurants, lounges, and tourist attractions will see a surge in patronage from international visitors. Small and medium enterprises, particularly in the transport, finance, and food service sectors, will become some of the greatest beneficiaries, as the Games generate new demand and expand opportunities for local businesses.
The Commonwealth Games will also accelerate the growth of Nigeria’s sports industry.

Investments in training facilities, coaching, and talent development will inspire a new generation of athletes, ensuring long-term benefits that extend beyond 2030, a major focus of the President Bola Tinubu administration.
At the same time, the process of preparing for the Games will create opportunities for Nigerians to learn new crafts, acquire technical skills, and engage in global-standard event management, thereby strengthening human capacity and innovation across industries.

Mallam Shehu Dikko, Chairman of the Nigeria Sports Commission, and Hon. Bukola Olopade, the Director General, have been widely recognized for their tireless and visionary leadership in repositioning Nigeria’s sporting sector.

Their commitment to facilitating infrastructural development and strengthening grassroots sports development has laid the foundation for Nigeria’s bold bid to host the 2030 Commonwealth Games. Under their leadership, the NSC is fostering strategic partnerships and driving innovation in sports administration, they have demonstrated the nation’s readiness to stage an event of such global magnitude.

Beyond the tangible gains, the hosting of the 2030 Commonwealth Games carries profound symbolic value. It would be a moment of unity and pride, a chance for Nigeria to showcase its cultural richness, resilience, and excellence to the world.
As a centenary edition, the Games would stand as a historic milestone not just for the Commonwealth but for Nigeria itself, cementing its place on the global stage as a capable, ambitious, and forward-looking nation.

The gains from hosting the Commonwealth Games can never be undermined or overemphasized. This is Nigeria’s time to step forward and show the world our resilience, and excellence. We call on every Nigerian, across sectors and communities, to support this noble aspiration.

Nigeria’s pursuit of the 2030 Commonwealth Games is a vision for transformation, a blueprint for national development, and a legacy project that will inspire generations to come.

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