In a recent address to graduating students at Veritas University in Abuja, Governor Chukwuma Charles Soludo delivered a message about the undeniable socio-economic challenges facing Nigeria today.
He emphasized that these issues cannot simply be ignored; they require immediate action and a unified commitment to instigate change.
Governor Soludo’s speech served as both an urgent reminder and a guiding framework for the next generation, encouraging them to view themselves not just as job seekers, but as pivotal contributors to the nation’s transformation.
Highlighting alarming statistics, he painted a stark picture of income distribution in Nigeria. Research conducted during his tenure as the Governor of the Central Bank of Nigeria revealed that a staggering 92% of bank account holders possess balances of N300,000 or less, collectively controlling a mere 7% of total deposits. In contrast, just 8% of depositors, each holding more than N300,000, dominate an astounding 93% of the wealth within Nigeria’s banking system.
These figures illustrate the profound inequality embedded in Nigeria’s economic framework, where the majority struggle to meet their basic needs while a small elite retains a disproportionate share of resources. For the new graduates entering the job market, this reality serves as both a stark warning and a clarion call to action.
He made clear that with opportunities in Nigeria scarce and income distribution heavily imbalanced, many young individuals find themselves relying on prayer to escape the fate of the 92%—the underemployed, the unemployed, and the economically disadvantaged. However, Governor Soludo pointed out that mere prayers will not alter this reality. The structural inequalities will persist unless there is a collective effort to instigate change. He posed a thought-provoking question: If we all aspire for a better Nigeria, what actions are we willing to take to create it?
In his address, Governor Soludo urged the new graduates to accept their responsibility in redefining Nigeria’s future. He echoed the mission of Veritas University, which seeks to instil not only knowledge but also purpose, integrity, and a dedication to the common good.
