Nigeria’s top 1% control 44% of national wealth, Doyin Salami says

Economist Doyin Salami says Nigeria’s richest 1% now control 44% of the nation’s wealth, warning that inclusive growth, private investment and industrialisation are vital to reverse rising inequality.

Wealth Gap

Economist and KAINOS Edge Consulting CEO Dr. Doyin Salami has warned that wealth inequality in Nigeria is deepening, revealing that the country’s richest 1% now control 44% of total wealth, up from about 25% nearly two decades ago.

Speaking at Anchoria Group’s The Quorum Investor Forum, Salami said the trend highlights the urgent need for economic growth that is inclusive, sustainable and capable of creating jobs. According to Nairametrics, he urged policymakers to unlock private capital, accelerate industrialisation and reduce reliance on government spending alone.

Salami also noted that Nigeria’s fiscal capacity has weakened despite higher revenue in naira terms, saying government income has fallen sharply in dollar value while infrastructure needs and population continue to grow. He added that tax reforms are important but unlikely to provide immediate fiscal relief.

He further warned that the long-term decline of Nigeria’s industrial sector is limiting job creation and argued that attracting private investment into productive industries remains essential for broad-based economic growth.