Agbakoba, SAN, former President of the Nigerian Bar Association, NBA
Former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has asked President Bola Tinubu to break up the over-centralization of power at the centre and execute strategic interventions across multiple sectors to unlock over ?500 trillion in economic value.
Agbakoba spoke at a press conference in Lagos on Wednesday to share 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 said strategic interventions across multiple sectors which can unlock over ?500 trillion include ?85 trillion from oil and gas reform through a shift from “Contract Oil” to “Development Oil”, ?65 trillion from comprehensive tax reform and enhanced revenue collection and much more.
He wants the government to adopt a rapid, decisive implementation strategy—similar to that of U.S. President, Donald Trump as well as the Saudi Arabian model by taking back all the oil wells in the hands of private individuals so the wealth can be used for the good of all Nigerians.
Agbakoba’s policy forecast seeks to present a comprehensive strategy for Nigeria’s economic transformation from a resource-dependent economy to a diversified, production-oriented powerhouse capable of generating a ?500 trillion budget by 2026/2027.
“This ambitious target represents a fundamental reimagining of Nigeria’s economic architecture and governance model that will address unsustainable debt burdens while dramatically enhancing revenue generation,” he said.
Drawing on Acemoglu and Robinson’s “Why Nations Fail,” Agbakoba’s analysis demonstrates that Nigeria’s economic underperformance stems primarily from extractive institutions that concentrate power and wealth among elites. Sustainable prosperity requires replacing these with inclusive institutions that distribute economic and political power broadly across society.
He stated that his analysis also reveals two fundamental imperatives for transformation: First, Nigeria must restructure its governance architecture through meaningful devolution of powers to states and local governments, constitutional reform that reflects true federalism, judicial independence, and legal system modernization, and comprehensive anti-corruption measures and public service reform.
Second, strategic interventions across multiple sectors can unlock over ?500 trillion in economic value.
These include ?85 trillion from oil and gas reform through a shift from “Contract Oil” to “Development Oil” ?65 trillion from comprehensive tax reform and enhanced revenue collection; ?50 trillion from MOFI optimization through asset monetization and public-private partnerships; ?45 trillion from strategic development of critical minerals; ?40 trillion from unlocking “dead capital” through property rights reform; ?35 trillion from maritime and blue economy development; ?30 trillion each from aviation sector revitalization and digital economy expansion; ?25 trillion each from enforcing local content requirements and implementing strategic trade policies; and ?10 trillion from space industry development.
The Former NBA President emphasized that Implementation requires execution at “Trumpian speed” – characterized by decisive action, concurrent implementation across multiple fronts, results-oriented governance, bureaucratic streamlining, and technology leverage for acceleration.
“The ultimate success of these economic policies will be measured not by macroeconomic statistics or international recognition, but by tangible improvements in the daily lives of ordinary Nigerians:
Does the office worker in Lagos see a clear path to a better future?”
“These are the real metrics of economic success that matter to the Nigerian people. With our abundant human and natural resources, strategic geographic position, and the resilience of our people, Nigeria has every ingredient needed for economic greatness.
“By addressing our institutional challenges with courage and determination, we can unlock our nation’s full potential and create a more prosperous future for generations to come. It’s time to make Nigeria and Africa great again.” (Channels TV: Text, Excluding Headline)
