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Dangote had been exceptionally fighting poverty in Nigeria by creating jobs—BH Analysis

Though a report by Oxfam International has stated that the combined wealth of Dangote, Adenuga, Otedola, Alakija, Danjuma can end extreme poverty in Nigeria, investigations by Business Hilights Economic Research Team (BHET) have revealed that amongst the named, Dangote stood out as the highest single creator of jobs in Africa and Nigeria in particular.

The BHET report released on Thursday in Lagos said “Aliko Dangote, in the last 10 years had remained the single highest employer of labour in Nigeria and in the last three years in the rest of Africa”.

“Dangote Group is a homegrown conglomerate that has touched every Nigerian life either on the road or at home.

BHET said “The wave of expansion of the conglomerate remains a source of inspiration to emerging entrepreneurs and industrialists across Africa today”.

Oxfam report had argued that the combined wealth of Nigeria’s five richest persons, estimated to be about $29.9 billion, can end extreme poverty in the country.

The Oxfam report was titled ‘Inequality in Nigeria, Exploring the Drivers,’ and it exposed the large and growing gap between the rich and poor in Nigeria.

Forbes magazine had listed five richest Nigerians as Aliko Dangote, Mike Adenuga, Femi Otedola, Folorunsho Alakija and Theophilus Danjuma.

Dangote is also the richest African with a net worth of $12.5 billion, according to Forbes magazine. Born into a wealthy business family, Dangote’s business focus includes industries (cement, sugar, flour and so on) as well as oil and gas.

The second richest man, Mike Adenuga, has major business interests in oil and gas as well as telecoms. He is the owner of Globacom, Nigeria’s largest indigenous telecom operator and has a net worth of $10.5 billion.

The third richest person is Femi Otedola, the CEO of Zenon Oil and Gas and Forte Oil whose net worth is $2.3 billion. He is closely followed by the richest woman, Folorunsho Alakija, a business tycoon who is into fashion, oil and printing industries. With an estimated net worth of $2.1 billion, she is believed to have made her billions though oil block deals.

The fifth richest person is Theophilus Danjuma, a former Nigerian Chief of Army Staff. He is the founder/chairman of Atlantic Petroleum and has an estimated net worth of $1.7 billion.

The latest poverty report by the National Bureau of Statistics (NBS), about 112 million Nigerians (representing 67.1 per cent of the country’s total population of 167 million) live below poverty level; although lower than that are in extreme poverty.

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About Business Hilights

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.

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