Former Nigerian Bar Association (NBA) President, Dr. Olisa Agbakoba, has called on President Bola Tinubu to adopt a fast-paced, decisive implementation strategy akin to that of former U.S. President Donald Trump, in order to meet the country’s ambitious ₦500 trillion national budget target by 2026/2027.
In a detailed 35-page policy report titled “OAL Governance and Economic Analysis and Forecast 2025: How Nigeria Can Succeed,” Agbakoba presented a comprehensive strategy for overhauling Nigeria’s economy. He commended President Tinubu for his decision to remove the controversial fuel subsidy, but highlighted that economic reforms must lead to tangible improvements in the lives of ordinary Nigerians.
Agbakoba’s report focuses on transforming Nigeria from a resource-dependent economy into a production-driven one, with the goal of generating a ₦500 trillion budget by 2026/2027. He stressed that achieving such a target requires a complete rethinking of Nigeria’s economic structure and governance, particularly in reducing national debt and boosting revenue.
To make this vision a reality, Agbakoba recommended a series of sweeping reforms across multiple sectors, asserting that the country needs to move away from extractive institutions—those that concentrate wealth in the hands of the elite—towards more inclusive institutions that distribute economic and political power more equitably. He drew inspiration from the book *Why Nations Fail* by Daron Acemoglu and James A. Robinson, which explains how inclusive institutions promote economic success, while extractive institutions hinder development.
One of the key pillars of Agbakoba’s plan is restructuring Nigeria’s governance system. He advocates for devolving power to the states and local governments to ensure a more balanced distribution of authority. This would involve enacting constitutional reforms that reflect true federalism and ensuring judicial independence, which Agbakoba argues is essential for creating an environment conducive to economic growth.
“The decentralization of power would make the system more responsive to the needs of Nigerians,” Agbakoba explained. “For true development to happen, power must be taken away from the federal government and given to the local governments, where people can feel the impact of policies.”
Agbakoba identified several key sectors where targeted interventions could significantly boost Nigeria’s economy, generating revenue and creating jobs. The specific sectors outlined in the report include oil and gas, taxation, asset monetization, critical minerals, maritime and blue economy, aviation, the digital economy, space, and local content enforcement.
1. Oil and Gas Reform: ₦85 Trillion
Agbakoba proposes a shift from “Contract Oil” to “Development Oil.” This reform would involve moving away from a model that focuses primarily on extracting oil for export, towards one that prioritizes the development of local infrastructure, refining capacity, and oil-based industries that can support national growth.
2. Tax Reform and Revenue Collection: ₦65 Trillion
A major focus of the plan is improving Nigeria’s tax system and revenue collection mechanisms. Agbakoba calls for comprehensive tax reforms that could significantly increase the government’s income, making the country less dependent on oil exports.
3. Asset Monetization and PPPs: ₦50 Trillion
Agbakoba suggests monetizing the country’s assets through strategic public-private partnerships (PPPs) to unlock hidden economic value. This could include the privatization of state-owned enterprises and efficient management of Nigeria’s vast infrastructure assets.
4. Critical Minerals: ₦45 Trillion
Nigeria is home to abundant natural resources, including critical minerals that could become major sources of revenue if properly harnessed. Agbakoba advocates for the development of these resources as part of the country’s broader economic diversification efforts.
5. Unlocking Dead Capital: ₦40 Trillion
Another crucial area of intervention is unlocking the value of “dead capital”—unused or underused land and property. By strengthening property rights and creating a more efficient land registration system, Agbakoba believes that billions of naira could be released into the economy.
6. Maritime and Blue Economy: ₦35 Trillion
With its vast coastline, Nigeria has immense potential in the maritime sector. Agbakoba proposes investing in port infrastructure, shipping, and fishing industries to tap into the blue economy, which he views as a largely untapped resource.
7. Aviation: ₦30 Trillion
The aviation sector is another area where Agbakoba sees significant growth potential. By modernizing airports, expanding domestic and international flight routes, and fostering aviation industry growth, Nigeria could unlock trillions in revenue.
8. Digital Economy: ₦30 Trillion
Nigeria’s growing digital economy is one of the country’s brightest prospects. Agbakoba calls for further investment in digital infrastructure, innovation, and tech entrepreneurship to drive job creation and increase Nigeria’s global competitiveness.
9. Local Content Enforcement and Trade Policy: ₦25 Trillion
Agbakoba emphasizes the need for stronger enforcement of local content policies and a strategic trade policy to support Nigerian businesses and enhance exports.
10. Space Industry: ₦10 Trillion
Finally, Agbakoba envisions the development of Nigeria’s space industry as a significant driver of economic growth. Investments in space technology could lead to new industries, research opportunities, and partnerships with global space agencies.
To implement this ambitious strategy, Agbakoba stressed the need for “Trumpian speed,” referencing former U.S. President Donald Trump’s bold and rapid execution of his policy initiatives. Agbakoba believes that Nigeria’s bureaucracy must be streamlined, and the government must take swift, concurrent actions across multiple fronts to ensure that reforms are implemented without unnecessary delays.
“The success of these policies will not be judged by statistics or international praise, but by their impact on ordinary Nigerians,” Agbakoba remarked. He pointed out that economic transformation should be measured by whether it leads to better conditions for the average Nigerian—whether it enables market traders in Onitsha to earn more, makes food more affordable in Kano, or improves access to healthcare and education for farmers in Benue.
In Agbakoba’s view, Nigeria’s economic challenges are not rooted in a lack of resources, but in institutional failure. He explained that despite having abundant natural resources, the country’s extractive institutions have hindered its development. Agbakoba believes that with the right institutional reforms, Nigeria could overcome its economic stagnation and become a global economic powerhouse.
“Strategic reforms across sectors like maritime, aviation, oil and gas, the digital economy, and trade will be key to unlocking Nigeria’s potential,” he concluded. “This transformation is not just necessary—it is the moral imperative of our time.”
Agbakoba’s report ends with a rallying call for action: “With our natural resources, strategic location, and resilient people, Nigeria has all it takes for economic greatness. It’s time to make Nigeria and Africa great again.”
As the country faces significant economic challenges, Agbakoba’s report provides a roadmap for transforming Nigeria into a major global economic player. However, the ambitious targets outlined in the report will require bold leadership, political will, and public support to become a reality.
