Nigeria Needs Economic Innovations To Create N500trn Budget, Says Agbakoba

Former president of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba (SAN), has stated that Nigeria must embrace a comprehensive strategy aimed at transforming Nigeria’s economy from a resource-dependent model into a diversified, production-oriented powerhouse to achieve a budget of N500 trillion for 2026/2027.

Agbakoba also emphasised that President Bola Tinubu must adopt a rapid, decisive implementation strategy similar to that of the President of the United States, Donald Trump, to lift the country out of the present political and economic challenges.

The senior lawyer made these comments in Lagos on Wednesday during the presentation of a policy report titled “OAL Governance and Economic Analysis and Forecast 2025: Nigeria Can Succeed Rather than Fail – Innovation and Efficiency to Create a N500 Trillion Budget for 2026; Implications for the Moving Parts in a New World Trade Order.”

Agbakoba insisted that Nigeria urgently needs to restructure its governance system by devolving powers to state and local governments, reforming the constitution to reflect true federalism, ensuring judicial independence, modernising the legal system, implementing anti-corruption measures, and reforming public service.

He also stated that for the country to meet the ambitious N500 trillion budget target, a fundamental reimagining of Nigeria’s economic framework and governance systems to address unsustainable debt levels and significantly enhance revenue generation must be the focus of the Tinubu-led administration.
Agbakoba pointed out that executing this plan requires “Trumpian speed”—rapid, concurrent actions across multiple fronts, bureaucratic streamlining, and leveraging technology.
He said, “The success of these policies will not be judged by statistics or international praise but by their impact on ordinary Nigerians.

“Can the market trader in Onitsha earn more? Is food more affordable in Kano? Can a farmer in Benue access healthcare and education?” he said.

With Nigeria’s rapidly growing population, intensifying climate impacts, increasing global competition, and unsustainable debt burden, Agbakoba urged the country to seize the momentum of recent reforms to build inclusive institutions that promote shared prosperity.

The lawyer acknowledged positive signs of recovery within the economy, citing a fourth-quarter GDP growth of 3.84 per cent in 2024, the fastest in three years, mainly driven by the services sector.
He said this growth followed rates of 2.98% in Q1 and 3.19% in Q2 2024, indicating a shift from economic stagnation to recovery. He credited recent economic reforms for this progress despite their short-term hardships.

Agbakoba noted that the reforms include the removal of fuel subsidies, which has redirected funds to more productive sectors; exchange rate unification, which has reduced arbitrage opportunities and increased transparency; and tax system reforms, which aim to close loopholes and simplify tax administration.

He also praised the establishment of the Nigeria Consumer Credit Corporation (CREDICORP) as a significant step toward improving access to consumer credit.

Agbakoba maintained that these initiatives have contributed to stabilising inflation and strengthening the naira. “Notably, investor confidence has risen, with the Naira appreciating by over seven per cent since November 2023 and local bonds offering yields of up to 25 per cent.

“Experts projected in Q2 2024 that the Naira could strengthen below N1,000 to the dollar, making it the world’s best-performing currency at that time.

Despite these improvements, Agbakoba cautioned that Nigeria still falls short of its economic potential, stating that the Central Bank of Nigeria projects GDP growth of 4.17 per cent in 2025, attributed to ongoing reforms and anticipated increases in oil production.

However, he stressed that this growth rate is insufficient to meet Nigeria’s developmental needs or deliver widespread prosperity.