In a bold move to reshape Nigeria’s economic future, prominent legal expert and Senior Advocate of Nigeria, Dr. Olisa Agbakoba, has submitted a sweeping policy proposal to President Bola Ahmed Tinubu, urging the federal government to prioritize legal policy reforms as a foundation for achieving a ₦500 trillion budget by 2026/2027.
In the policy document titled *”Governance and Economic Analysis and Forecast 2025: To Succeed Nigeria Needs Innovation and Efficiency to Create a ₦500 Trillion Budget for 2026/2027,” Dr. Agbakoba makes a powerful case for linking legal and institutional reforms with economic transformation, warning that without strong legal foundations, Nigeria’s economic ambitions will remain out of reach.
The proposal was formally addressed to President Tinubu through Ms. Hadiza Bala Usman, Special Adviser to the President on Policy and Coordination.
“There exists a commonly held view that legal policy plays no role in economic development. We respectfully submit that this perspective is fundamentally flawed,” Agbakoba wrote. “Without robust legal and institutional frameworks, meaningful development remains elusive.”
Drawing from globally acclaimed research, the former Nigerian Bar Association president cited development economists such as Professor Mancur Olson, Hernando De Soto, and the duo Daron Acemoglu and James A. Robinson to support his argument. Their findings all converge on one central idea: nations succeed economically when they build strong, inclusive, and enforceable legal institutions.
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Dr. Agbakoba referenced Nigeria’s underutilized housing sector, pointing out that over six trillion dollars’ worth of housing assets remain economically idle due to the absence of a functional mortgage and property rights framework. This, he noted, is a missed opportunity that better legal systems could unlock.
“Legal reforms enable economic reforms by making them credible, enforceable, and attractive to investors,” he emphasized. “Legal policy is not a technical side issue—it is central to economic performance.”
He criticized the lack of legal consideration in most of Nigeria’s development plans, calling it a “grave error” that has consistently undermined economic progress. According to him, Nigeria’s natural and human resource potential cannot translate into sustainable growth without dependable legal structures that protect investments, ensure contract enforcement, and uphold property rights.
The comprehensive roadmap laid out in the policy document aims to align legal reforms with Nigeria’s broader development goals, including investment attraction, innovation, job creation, and inclusive growth.
While the Presidency is yet to officially respond, policy watchers say the proposal could spark important conversations in government circles about the need to rethink how Nigeria approaches economic planning, particularly as preparations for the 2026/2027 federal budget begin.
If implemented, Agbakoba’s recommendations could mark a turning point in Nigeria’s economic history—positioning legal policy not as an afterthought but as a catalyst for national prosperity.
