Former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has called on President Bola Tinubu to decentralize power and execute sweeping reforms across critical sectors to unlock more than ₦500 trillion in economic value by 2026.
Agbakoba made the call during a press briefing in Lagos on Wednesday, where he unveiled his firm’s 2025 governance and economic policy outlook titled “Nigeria Can Succeed Rather Than Fail – Innovation and Efficiency to Create a ₦500 Trillion Budget for 2026.”
At the heart of the proposal is a radical shift in Nigeria’s economic and political architecture—moving away from extractive, elite-driven systems toward inclusive, broad-based institutions. Agbakoba argued that unless Nigeria dismantles the over-centralization of power and inefficiencies at the federal level, meaningful development would remain elusive.
“Strategic interventions can unlock over ₦500 trillion in value,” he said. “From oil and gas reform to tax modernization, from public asset monetization to the digital economy—there is immense untapped potential if we adopt the right approach.”
Among the revenue streams highlighted in his analysis are:
- ₦85 trillion from oil and gas reform via a shift from “Contract Oil” to “Development Oil”
- ₦65 trillion from comprehensive tax reforms and improved revenue collection
- ₦50 trillion through optimization of government-owned assets and public-private partnerships
- ₦45 trillion from critical minerals development
- ₦40 trillion from unlocking “dead capital” through property rights reform
- ₦35 trillion from maritime and blue economy
- ₦30 trillion each from aviation revitalization and digital economy growth
- ₦25 trillion each from enforcing local content laws and adopting strategic trade policies
- ₦10 trillion from investments in the space sector
He emphasized that the key to delivering such transformation lies in execution. “Nigeria needs implementation at Trumpian speed—decisive, concurrent, streamlined, and focused on results,” Agbakoba said, referencing the urgency and boldness of U.S. President Donald Trump’s administration and Saudi Arabia’s rapid reforms under Crown Prince Mohammed bin Salman.
Beyond economics, Agbakoba stressed the need for constitutional restructuring, judicial independence, devolution of powers, and robust anti-corruption frameworks.
Citing insights from Why Nations Fail by Daron Acemoglu and James A. Robinson, Agbakoba argued that Nigeria’s economic stagnation is rooted in extractive institutions that benefit a few at the expense of many. “We need a shift to inclusive institutions—where power and wealth are distributed to enable widespread participation and growth,” he said.
In a passionate appeal, the senior advocate underscored that economic progress must translate into real-life benefits for ordinary citizens.
“The true test of these policies will not be GDP figures or global praise—it will be how much better the average Nigerian lives. That’s the metric that truly matters.”
“With our abundant resources, strategic location, and resilient population, Nigeria has all it takes to thrive. We just need the courage and will to chart a new course. It’s time to make Nigeria and Africa great again,” he concluded.
© Ripples Nigeria
