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Former President Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has asked the President of Bola Tinubu to decentralize power and carry out major reforms in all critical sectors to unlock more than ₦ 500 trillion in economic value in 2026.
Agbakoba called during the Press Briefing in Lagos on Wednesday, where he launched the company’s economic policy and views in his company entitled “Nigeria can be successful rather than failure – innovation and efficiency to create ₦ 500 trillion budget for 2026.”
The essence of the proposal is a radical change in Nigerian economic and political architecture-movement far from the extractive system, the elite driven towards an inclusive and broad-based institution. Agbakoba argues that unless Nigeria dismantles the centralization of excessive power and inefficiency at the federal level, meaningful development will remain difficult to understand.
“Strategic intervention can unlock ₦ 500 trillion,” he said. “From oil and gas reform to tax modernization, from monetization of public assets to the digital economy – there is great potential that has not been utilized if we adopt the right approach.”
Among the income streams highlighted in the analysis are:
- ₦ 85 trillion of oil and gas reforms through a shift from “contract oil” to “oil development oil”
- ₦ 65 trillion from comprehensive tax reforms and increased income collection
- ₦ 50 trillion through the optimization of government-owned assets and public-private partnerships
- ₦ 45 trillion from the development of critical minerals
- ₦ 40 trillion from opening “dead capital” through property rights reform
- ₦ 35 trillion from maritime and blue economy
- ₦ Each 30 trillion from flight revitalization and digital economic growth
- ₦ Each 25 trillion from upholding local content law and adopting strategic trade policies
- ₦ 10 trillion from investment in the space sector
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He stressed that the key to giving such a transformation lies in the execution. “Nigeria requires implementation with Trumpian speed – determination, together, slim, and focusing on results,” said Agbakoba, referring to the urgency and courage of the US President Donald Trump and Saudi Arabia’s quick reform under the crown prince Mohammed bin Salman.
Outside the economy, AGBAKoba emphasizes the need for constitutional restructuring, judicial independence, power devolution, and a strong anti-corruption framework.
Quoting insight from why countries failed by Daron Acemoglu and James A. Robinson, Agbakoba believes that Nigerian economic stagnation is rooted in extractive institutions that benefit some people at the expense of many people. “We need a shift to inclusive institutions – where strength and wealth are distributed to enable widespread participation and growth,” he said.
In passionate appeal, senior advocates underline that economic progress must be translated to be a real life benefit for ordinary citizens.
“The true test of this policy is not a GDP number or global praise -it will be how good the average life of Nigeria. That is a truly important metric.”
“With our abundant resources, strategic locations, and strong populations, Nigeria has everything that is needed to develop. We only need courage and willingness to map new courses. It’s time to make Nigeria and Africa great again,” he concluded.
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