Former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has urged President Bola Tinubu to decentralize power from the federal government and implement strategic interventions across various sectors to unlock over ₦500 trillion in economic value.
Speaking at a press conference in Lagos on Wednesday, Agbakoba presented his firm’s governance and economic policy forecast for 2025, titled: Nigeria Can Succeed Rather Than Fail – Innovation and Efficiency to Create a N500 Trillion Budget for 2026; Implication for the Moving Parts in a New World Trade Order.
The senior advocate outlined several strategic interventions capable of generating over ₦500 trillion, including ₦85 trillion from oil and gas reform by shifting from “Contract Oil” to “Development Oil,” ₦65 trillion from comprehensive tax reform and improved revenue collection, and other substantial amounts from various sectors.
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He called for the government to adopt a swift and decisive implementation strategy, drawing parallels with the Saudi Arabian model by reclaiming all oil wells held by private individuals to utilize the wealth for the benefit of all Nigerians.
Agbakoba’s policy forecast aims to provide a comprehensive strategy for Nigeria’s economic transformation from a resource-dependent nation to a diversified, production-focused powerhouse capable of generating a ₦500 trillion budget by 2026 or 2027.
He stated that this ambitious goal requires a fundamental reimagining of Nigeria’s economic structure and governance model to address unsustainable debt and significantly enhance revenue generation.
Drawing on Acemoglu and Robinson’s “Why Nations Fail,” Agbakoba argued that Nigeria’s economic underperformance primarily stems from centralized institutions that concentrate power and wealth among elites.
He asserted that sustainable prosperity requires replacing these with inclusive institutions that broadly distribute economic and political power.
He identified two crucial imperatives for transformation: first, restructuring Nigeria’s governance through meaningful devolution of powers, constitutional reform reflecting true federalism, judicial independence, legal system modernization, and comprehensive anti-corruption and public service reforms.
Second, implementing strategic interventions across multiple sectors to unlock over ₦500 trillion in economic value.
These interventions include specific financial targets for oil and gas reform, tax reform, optimization of the Ministry of Finance Incorporated (MOFI), strategic development of critical minerals, unlocking “dead capital” through property rights reform, maritime and blue economy development, aviation sector revitalization, digital economy expansion, enforcing local content requirements, implementing strategic trade policies, and developing the space industry.
Agbakoba emphasized that implementation requires execution with “Trumpian speed” – characterized by decisive action, simultaneous implementation across various fronts, results-oriented governance, bureaucratic streamlining, and leveraging technology for acceleration.
He concluded by stating that the ultimate success of these policies will be measured by tangible improvements in the daily lives of ordinary Nigerians, such as increased income for market traders, more affordable food for factory workers, better healthcare and education access for farmers, and a clearer path to a better future for office workers.
He believes that Nigeria possesses the necessary human and natural resources, strategic location, and resilient population to achieve economic greatness by addressing institutional challenges with courage and determination.
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