The wealth of Nigeria’s three richest men can sponsor COVID-19 vaccines for 200m citizens;
The billionaires are Mr. Aliko Dangote, Mr. Mike Adenuga, and Mr. Abdulsamad Rabiu;
On average, the COVID-19 vaccine costs $20 per dose.
A less than a quarter fraction of the wealth of the three current billionaires in Nigeria can fund the purchase of COVID-19 vaccines for the 200 million Nigerians, according to Dataphyte’s analysis.
The billionaires include Mr Aliko Dangote, the founder of Dangote conglomerate, Mr Mike Adenuga, Chairman of Globacom, and Mr Abdulsamad Rabiu, the chairman of BUA Group, cement maker.
Dataphyte’s analysis of billionaires’ rating platforms (Bloomberg and Forbes) showed that Nigeria currently has only three richest men on the index. In January 2020, it had four billionaires, but the only woman among them, Mrs Folorunso Alakija, who had dropped off by the beginning of January 2021. As of 2020, Mrs Alakija, the owner of Famfa Oil Limited, a Nigerian oil exploration company, has a net worth of $1 billion.
Using Forbes’s latest billionaire index, the three billionaires’ combined wealth stands at $24.1 billion. With 16.6% of their fortunes, the story of the coronavirus pandemic could change in Nigeria. A contribution of 4% each from the billionaires could solve Nigeria’s fiscal puzzle on providing vaccines for the teeming population, and its frontline workers.
Analysis of the cost of COVID-19 Vaccines among top producers
At the moment, there are three leading manufacturers of COVID-19 vaccines- Pfizer, Moderna, and AstraZeneca- amid an imminent second wave of the novel virus. A virus which did not spare Africa’s largest country, leaving in its wake 122,996 confirmed cases and 1507 deaths. On the brighter side, Nigeria recorded 98,359 recoveries from COVID-19 across its 36 states and capital city, Federal Capital Territory.
Pfizer fixes the price at $20 per dose, and it is willing to expand sales across the world in 2021. Moderna’s price is going between $10 to $50 per dose (after fulfilling government contracts). At the same time, AstraZeneca (a member of Covax, a global initiative) will sell to low- and middle-income countries at no more than $3 a dose.
By implication, at an average price of $20, Nigerians would need to spend ₦7580 (at CBN rate ₦379/$1) for a vaccine dose.
Nigeria needs $4 billion (about ₦1.5 trillion) to give all COVID-19 vaccine
Overall, Nigeria will need $4 billion (about ₦1.5 trillion) to procure the COVID-19 vaccine for distribution to its citizens.
On Monday, the Chairman of the Presidential Task Force PTF on COVID-19 and Secretary to the Government of the Federation SGF, Mr Boss Mustapha, said the government had placed an order for 10 million doses of COVID-19 vaccines.
Lockdown favoured the rich
As the wealth of Nigerian billionaires and their global counterparts spike after pandemic lockdown, Oxfam says poor masses will take a while to recoup from the impact of coronavirus.
Specifically, the world’s ten richest men saw their combined wealth increase by half a trillion dollars.
The Anti-poverty group added, “the world’s ten richest men have seen their combined wealth increase by half a trillion dollars since the pandemic began — more than enough to pay for a COVID-19 vaccine for everyone in the world.” The increase, Oxfam, said it is more than enough to pay for a COVID-19 vaccine for everyone in the world.
While the “1,000 richest people on the planet recouped their Covid-19 losses within just nine months, it could take more than a decade for the world’s poorest to recover.” the NGO said in a report released on Monday.
Breakdown of their wealth:
Dataphyte’s analysis of their affluence shows how less than a fraction of their combined wealth could foot the vaccine cost for Nigerians.
Aliko Dangote $12.6 billion – Industrial goods
According to Forbes’ Billionaire Index, the richest man in Africa is currently worth $12.6 billion, up from $10.1 billion in 2020. The increase also made him cement his status as the richest African man for 2021. Dangote ranks 111 globally on the Bloomberg Billionaires Index, with his wealth pegged at $17 billion as of January 26, 2021.
Mike Adenuga $6.3 billion – Telecom, Oil
Mike Adenuga is the second richest man in Nigeria right now. He is the chairman and owner of Globacom, Nigeria’s second-largest telecommunications company. For years, Mr Adenuga has been trailing Mr Dangote on the billionaire’s club. However, Bloomberg did not rank his wealth.
Abdulsamad Rabiu $5.2 billion – Cement, Sugar
Many regard Mr Rabiu as Dangote’s main competitor in industrial goods. He is also a leading cement maker in Nigeria with interests in sugar refining and real estate. He is the founder of BUA Group, a Nigerian conglomerate.