In a comprehensive economic strategy, Dr. Olisa Agbakoba, a former president of the Nigerian Bar Association, has outlined a transformative plan to propel Nigeria’s economy towards unprecedented growth.
Agbakoba emphasizes that Nigeria can achieve an ambitious N500 trillion budget by 2026/2027 by transitioning from a resource-dependent economy to a diversified, production-oriented model. This vision involves leveraging innovation and efficiency to unlock vast economic potential, particularly in sectors such as oil and gas, maritime, aviation, and digital technology.
Agbakoba identifies the over-centralization of power as a major obstacle to Nigeria’s economic progress. He advocates for decentralizing power to at least eight constitutionally recognized geopolitical zones, allowing each region to manage its economic and constitutional affairs independently.
This decentralization, he believes, would foster regional development and competitiveness, leveraging Nigeria’s diverse natural endowments more effectively. Moreover, Agbakoba recommends strategic reforms across multiple sectors, to be implemented at “Trumpian speed” rapidly and concurrently, leveraging technology to streamline bureaucratic processes.
Recent economic reforms, including the removal of fuel subsidies and exchange rate unification, have shown promising results. These measures have moderated inflation, strengthened the naira, and boosted investor confidence. For instance, the naira has appreciated by over seven percent since November 2023, and local bonds are offering yields of up to 25 percent.
Agbakoba credits these reforms for stabilizing the economy but cautions that despite these improvements, Nigeria remains significantly below its true economic potential. He emphasizes that success should be measured not by macroeconomic statistics but by the tangible benefits experienced by ordinary Nigerians, such as improved access to healthcare, education, and affordable food.Agbakoba also highlights untapped opportunities in sectors like critical minerals, blue economy, aviation, and digital technology.
He suggests that enforcing local content laws, adopting strategic trade policies, and exploring the space economy could unlock over N500 trillion in economic value by 2027. For example, Nigeria’s maritime sector alone has an estimated annual revenue potential of N7 trillion, which could become a major revenue driver with proper policy frameworks and infrastructure investments.
By focusing on these areas and implementing comprehensive reforms, Nigeria can create a more sustainable and equitable economic system that benefits all citizens. This vision offers a promising path forward for Nigeria’s economic development, emphasizing innovation, decentralization, and strategic sectoral reforms as key drivers of growth.
