Olisa Agbakoba, a senior advocate of Nigeria (SAN), has called on the Federal Government to evolve a comprehensive strategy that builds on the positive developments that have been recorded so far, while addressing structural constraints.
Agbakoba also said that with innovation and efficiency, Nigeria could create a ₦500trillion budget for 2026/2027.
The former president of the Nigerian Bar Association (NBA) made the observation in Lagos Wednesday during the official presentation of ‘Governance and Economic Analysis Forecast 2025.’
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According to him, “Strategic interventions across multiple sectors can unlock over ₦500trillion in economic value. These include ₦85trillion from oil and gas reform through a shift from ‘Contract Oil’ to ‘Development Oil’; ₦65trillion from comprehensive tax reform and enhanced revenue collection; ₦50trillion from Ministry Of Finance Incorporated (MOFI) optimisation through asset monetisation and public-private partnerships; ₦45trillion from strategic development of critical minerals; ₦40trillion from unlocking ‘dead capital’ through property rights reform; ₦35trillion from maritime and blue economy development; ₦30 trillion each from aviation sector revitalisation and digital economy expansion; ₦25trillion each from enforcing local content requirements and implementing strategic trade policies; and ₦10trillion from space industry development.”
He strongly believes that the “fundamentals for stronger growth exist—a growing services sector, increased investor confidence, and initial fiscal reforms.”
The Maritime lawyer also said that the economic indicators show potential for much more significant growth if the right policies are implemented with decisive leadership and at the necessary speed.
According to him, “Nigeria stands at a critical economic crossroads in 2025. Recent data presents a nuanced picture of an economy showing promising signs of recovery, yet still underperforming its vast potential. The fourth quarter of 2024 saw GDP growth of 3.84% year-on-year—the fastest in three years—primarily driven by the services sector. This follows growth of 2.98% in Q1 2024 and 3.19% in Q2 2024, demonstrating a positive trajectory that has moved the economy from critical condition to a recovering state.”
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He also noted that the government’s bold economic reforms have begun to yield positive results despite their initial short-term pains.
“Key reforms that have contributed to this gradual stabilisation include: Removal of fuel subsidies, which has redirected resources to more productive sectors; exchange rate unification, which has reduced arbitrage opportunities and brought greater transparency to currency transactions; tax system reforms, which are closing numerous loopholes and simplifying the tax system, and establishment of the Nigeria Consumer Credit Corporation (CREDICORP), which represents a significant step toward facilitating consumer credit,” he said.
Commending the Bola Ahmed Tinubu administration for the bold reforms, Agbakoba said: “We ought to give credit to Tinubu by reversing fuel subsidy because it has lowered the temperature, but he hasn’t lowered it to the point of affecting the man on the street. We have to put that on record.”
