A Vision for Nigeria’s Economic Transformation
Dr. Olisa Agbakoba, the former NBA President, has presented a comprehensive economic reform proposal to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. This initiative aims to unlock over ₦1.5 quadrillion in new economic value within 10 to 15 years. The proposal, outlined in a detailed letter dated November 7, 2025, titled “Ideas for a Quadrillion Naira Economy in 10 to 15 Years,” highlights key strategies to stabilize and grow Nigeria’s economy.
Agbakoba commended the Tinubu administration for its efforts in stabilizing key macroeconomic indicators but emphasized that exchange rate volatility remains a critical challenge. He pointed out that the naira currently experiences one of the highest currency volatilities in Africa, with a depreciation of over 40% in 2024 alone. According to him, this is due to the lack of fundamentals and tangible economic pillars that encourage people to hold and use the naira.
To strengthen the naira and build a productive economy, Agbakoba proposed three transformative reforms: land and real estate titling, expansion of credit access, and full agricultural mechanization. These reforms, he argued, could back the naira with real value and drive sustainable prosperity.
Land and Real Estate Titling
An estimated 90% of Nigerian land and real estate remain untitled or defective, representing what economists refer to as “dead capital.” Agbakoba suggested that unlocking these trapped property assets would encourage investors who currently prefer to buy properties abroad to invest in Nigeria instead. At today’s exchange rate, the World Bank and PwC’s conservative estimates of $900 billion in dead capital amount to ₦1.5 quadrillion. Releasing this into productive use could transform Nigeria’s economy.
He urged the government to accelerate the National Land Registration, Documentation and Titling Programme. By indexing property values to the financial system through digital integration and legal harmonization, Agbakoba believes that an instant credit market worth thousands of times Nigeria’s GDP can be created.
Expanding Credit Access
Agbakoba highlighted the limitations of Nigeria’s reliance on a cash-based system, which severely restricts economic potential. A well-developed credit system allows people to purchase what they cannot afford, provided they manage their debt. He proposed that if 200 million Nigerians each had ₦300,000 in credit facilities, it would inject ₦60 trillion into the economy.
Expanding credit in naira, he argued, would deepen domestic markets, stimulate production, and make the naira more attractive as an asset. This would reduce dependence on the dollar and alleviate speculative pressure on the exchange rate.
Agricultural Mechanization
Turning to agriculture, Agbakoba compared Nigeria’s largely subsistence sector with the United States’ highly mechanized system. He noted that only 2% of the U.S. workforce generates $1.5 trillion annually from agriculture, while 30 to 38% of Nigeria’s workforce produces barely $49 billion. Productivity, not manpower, drives success.
Agbakoba called for comprehensive mechanization and the establishment of cold storage, processing plants, logistics networks, and agricultural finance services to unlock massive productivity gains. When a nation feeds itself and exports the surplus, its currency strengthens naturally. He argued that agricultural transformation will provide lasting stability to the naira and shield it from volatility.
Implementation and Ambition
Agbakoba stressed that these reforms must be pursued with ambition matched with execution. He cited the ongoing tax reform as proof that such systemic change is achievable. “This is not easy work. It is painstaking but doable. If these reforms are implemented, the naira will exchange at optimal rates because it will have a real fundamental backing,” he stated.
The eminent lawyer attached an accompanying policy paper by his firm, Olisa Agbakoba Legal, titled “Devolution is the Solution: Foundational Reform Agenda for Nigeria’s Transformation.” He urged the Finance Minister to consider the proposals as part of the administration’s long-term economic strategy.