Key Drivers for Economic Growth
Mr. Agbakoba, a Senior Advocate of Nigeria and former President of the Nigerian Bar Association (NBA), has proposed structural reforms that could unlock over ₦1.5 quadrillion in economic value and stabilise the naira. In an open letter addressed to Nigeria’s Minister of Finance, Wale Edun, he identified land and real estate titling, expansion of a credit economy, and agricultural mechanisation as key drivers for tangible economic growth.
He argued that exchange rate volatility remains Nigeria’s most pressing challenge, with the naira’s weakness stemming from a lack of real economic fundamentals. According to him, comprehensive reforms in property titling, credit access, and agricultural productivity would convert “dead capital” into active wealth, deepen naira-denominated asset markets, and create sustainable prosperity for future generations.
Recent Economic Progress
The federal government has claimed recent economic progress, including growth in Gross Domestic Product (GDP), declining inflation, and stabilised exchange rates. Minister of Finance, Wale Edun, stated that Nigeria has triumphed over its toughest economic phase and is now on the path of recovery. He attributed this to President Bola Tinubu’s “radical and holistic” approach to economic development through reforms that have restored stability and attracted private investment.
Edun highlighted several achievements, including a 4.2 per cent GDP growth rate in the second quarter, inflation currently at 18 per cent after six months of decline, and foreign reserves reaching a peak of $43 billion since 2019. However, he acknowledged that for most citizens, progress is measured not by data but by the price of food and transport.
Untapped Opportunities
In his letter to Mr. Edun, Mr. Agbakoba urged the federal government to focus on critical sectors of the economy to achieve maximum growth and real impacts. He pointed out that Nigeria’s land and real estate sectors hold vast untapped wealth due to defective or non-existent property titles, which prevent assets from being used as collateral or traded in the formal economy.
Citing the World Bank, PwC, and his firm, Olisa Agbakoba Legal (OAL), he argued that nearly 90 per cent of Nigerian land and real estate remain “dead capital.” Proper titling could transform these assets into legally recognised property that can generate credit, liquidity, and large-scale investment.
Land and Real Estate Titling Reform
Mr. Agbakoba called for the acceleration of the National Land Registration, Documentation and Titling Programme to digitise land records and harmonise regulations across states. He suggested that the reform could unlock up to ₦1.5 quadrillion in economic value. By indexing property values to the financial system through digital integration and legal harmonisation, a new credit market worth potentially thousands of times Nigeria’s GDP could be created.
Credit Economy Expansion
Mr. Agbakoba also called for the development of a robust legal and policy framework to support a national credit system. He noted that Nigeria’s predominantly cash-based economy restricts growth, as citizens can only purchase what they can afford outright. A thriving naira credit market would deepen domestic financial markets and make the naira more attractive as an asset, reducing speculative attacks that drive exchange rate volatility.
He estimated that if 200 million Nigerians each had access to ₦300,000 in credit facilities, it would inject about ₦60 trillion into the economy and create a strong domestic market for naira-based transactions.
Agricultural Mechanisation
Highlighting agriculture as another critical area for transformation, Mr. Agbakoba compared Nigeria’s low productivity to that of the United States, where a smaller workforce contributes significantly more to GDP through mechanisation and value-chain development. Moving from subsistence farming to mechanised agriculture would increase productivity, reduce food imports, enhance food security, and boost foreign exchange earnings.
This would not only strengthen the naira but also reduce inflation driven by imported goods. Agricultural exports would generate substantial foreign exchange earnings, increasing FX supply and strengthening the naira. Food self-sufficiency would eliminate the need to import basic staples, directly stabilising exchange rates and reducing imported inflation.
Long-Term Vision
Mr. Agbakoba projected that if these reforms are effectively implemented alongside complementary measures in oil, gas, and manufacturing, Nigeria could transition to a quadrillion-naira economy within the next 10 to 15 years. He described the reforms as “painstaking but achievable,” noting that the success of recent tax reforms shows the government’s ability to deliver structural change when backed by political will and sustained execution.
“The difference between incremental improvement and transformative change is ambition matched with execution,” he said. “These reforms would not merely stabilise the naira; they would fundamentally restructure our economy and create sustainable prosperity for generations.”