Dangote Is Getting Richer, Nigerians Are Getting Poorer: What Is Happening?

Dangote Is Getting Richer, Nigerians Are Getting Poorer: What Is Happening?

The prices of Cement, Sugar and other commodities are higher in Nigeria than several African countries who doesn't have the population size and infrastructure in Nigeria. Why is this so? Who is benefiting?

Dangote Is Getting Richer, Nigerians Are Getting Poorer: What Is Happening?

With a net worth of $16.1bn as of March 2013, the President of Dangote Group, Alhaji Aliko Dangote, moved up in the latest world richest ranking from to number 43 from 76 in 2012.

According to the list which was released on Monday by Forbes, Dangote and the Chairman of Globalom, Dr. Mike Adenuga were the only Nigerians on the list. Adenuga ranked 269 on the list with a net worth of $4.7bn.

Dangote, however, retained his position as the richest man in Africa and the richest among manufacturers in the world with a net worth of $16.1bn. Majority of his products are bought by poor Nigerians at exorbitant prices.

Meanwhile poverty in Nigeria has risen with almost 100 million people living on less than 1$ (155 naira) a day,

The National Bureau of Statistics said 60.9% of Nigerians in 2010 were living in "absolute poverty" - this figure had risen from 54.7% in 2004

The bureau predicted this rising trend was likely to continue.

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