In Nigeria, it is well documented that income inequality is on the rise, with the richest 10 percent earning up to 80 percent of total national income. The minimum wage has not increased since 2011 and social spending has stagnated. The poorest 10 percent earn only between 2 percent and 7 percent of national income.
These widening disparities require the adoption of sound policies to empower the bottom percentile of income earners, and promote economic inclusion of all regardless of sex, economic status or ethnicity.
Reducing Income inequality involves improving the regulation and monitoring of financial markets and institutions, encouraging development assistance and foreign direct investment to regions where the need is greatest. The government at all levels should direct their expenditure on social services and infrastructure, provision of social safety nets; the promotion of social equity through redistributive policies involving taxation, market reform or reprioritizing expenditure; and the development of good governance and administrative capacity.
Facts and figures
10%
10% of the Population own 80% of the wealth in Nigeria
66%
Inequality within urban areas account for about 66% of national inequality
15-20 dependents
Rural families have family sizes beyond their economic carrying capacity(15 – 20 members)
7.5 cents
For every dollar sent home in 2015, migrant workers paid 7.5 cents in fees, more than double the target rate of 3 percent
