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Positioning Nigeria Towards a N1 Quadrillion Economy, By Dr. Olisa Agbakoba

We currently have one of the highest currency volatilities in Africa, with the naira depreciating by over 40% in 2024 alone, ranking among the continent’s worst performing currencies.

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• Dr Olisa Agbakoba, SAN

Dr Olisa Agbakoba (SAN) is offerring insights on how Nigeria can achieve a ₦1 Quadrillion economy in 10–15 years.

Dr Agbakoba, in a letter: IDEAS FOR A QUADRILLION NAIRA ECONOMY IN 10 to 15 YEARS, dated November 7, 2025, and addressed to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun,  propose three transformative reforms that could create the fundamentals and unlock over 1.5 quadrillion Naira in economic values.

The document reads: “

Dear Honourable Minister,

“I refer to your recent statement, “Nigeria Turns Towards Prosperity.” You highlighted the Tinubu government’s significant achievements including GDP growth, declining inflation, stabilized exchange rates, increased foreign reserves, and improved oil production.

Despite these successes, exchange rate volatility remains our most pressing challenge.

We currently have one of the highest currency volatilities in Africa, with the naira depreciating by over 40% in 2024 alone, ranking among the continent’s worst performing currencies.

With 1 billion naira worth less than 1 million dollars, demand naturally tilts toward the dollar. The root cause is simple.

The naira lacks fundamentals—tangible economic pillars that give people reason to hold and use.

To reverse this, we must create fundamentals to back the naira. I propose three transformative reforms that could create these fundamentals and unlock over 1.5 quadrillion naira in economic value.

The first is land and real estate titling.

1. Land and Real Estate Titling Reform

Studies done by the World Bank, PwC, and my firm OAL show that 90% of Nigerian land and real estate have tainted, defective, or no titles.

This creates “dead capital”—assets that cannot be traded, serve as collateral, and cannot be indexed to the financial system.

Economist Hernando de Soto demonstrated in his book “The Mystery of Capital” that converting dead capital into productive assets through formal property rights revolutionizes developing economies.

Margaret Thatcher called De Soto’s work a potential “enormously beneficial revolution” that addresses the fundamental weakness of Third World economies: the lack of property rights and enterprise frameworks.

Property titling reform transforms dead capital in land and real estate into legally recognized assets. Owners can use their land or homes as collateral to access credit. Banks become willing to lend because the property now represents secure collateral with enforceable legal backing.

This process releases the equity locked in land, converting illiquid assets into financial capital that can circulate through the economy.

The result is substantial new liquidity—more individuals and businesses gain access to loans, properties become tradable assets, and dormant wealth enters productive use.

The foundation for reform is already being laid. Your administration is implementing the National Land Registration, Documentation and Titling Programme, which aims to digitize land records and create a unified, transparent system. What is needed now is acceleration and scale.

By indexing property values to the financial system through digital integration and legal harmonization across federal and state systems, we can create an instant credit market worth potentially thousands of times our GDP.

The money flow would then be available to finance development across the nation.

Unlocking trapped property assets that are presently dead capital will encourage investors who currently prefer to buy properties abroad to buy in Nigeria.

This will deepen naira denominated asset markets, reduce dependency on dollar denominated assets for wealth storage, and strengthen demand for the naira by creating viable local investment alternatives.

Using the World Bank and PwC’s conservative estimates of $900 billion in dead capital, at today’s rate of ₦1,500 to $1, this represents 1.5 quadrillion naira.

The economic impact of releasing 1.5 quadrillion naira into productive use cannot be overstated.

If this is done with the same strategic approach as the tax reform, it will transform Nigeria’s economy, provide sustainable backing for the naira, and create the foundation for long term prosperity.

By creating a vast, liquid real estate market indexed to the financial system, land titling reform establishes a critical fundamental that anchors the naira’s value and dramatically reduces exchange rate volatility. I must also acknowledge challenges of inflationary pressure. Let me now move to the next coequal fundamental, and that is a credit economy.

Naira-denominated credit will boost domestic consumption of locally produced goods and services, reduce import demand and foreign exchange pressure.

2. Credit Economy Expansion

Nigeria operates a cash economy. This limits the economy’s potential because people can only buy what they can afford.

By contrast, a well-developed credit system allows people to buy what they cannot afford provided they manage their debt. For instance, 90% of Americans cannot afford a house without a mortgage.

In the same vein, any Nigerian who can pay rent can afford a mortgage, but this is not possible without a legal framework.

A robust policy and legal framework to support a credit process will be transformational. 200 million Nigerians, each with ₦300,000 in credit facilities, would inject ₦60 trillion into the economy.

Naira-denominated credit will boost domestic consumption of locally produced goods and services, reduce import demand and foreign exchange pressure.

A thriving naira credit market will deepen domestic financial markets and make the naira more attractive as an asset and reduce the speculative attacks that drive exchange rate volatility.

When citizens can access credit in naira to own homes, start businesses, and build wealth, the currency gains intrinsic value and stability.

This credit infrastructure becomes a vital fundamental—a reason for people to hold and transact in naira—thereby reducing our vulnerability to exchange rate shocks.

3. Agricultural Mechanization

In the United States, only 2% of the workforce are in agriculture, yet the sector contributes 5.5% to GDP and generates $1.5 trillion annually. In Nigeria, by contrast, 30 to 38% of the workforce, 15 to 19 times more workers proportionally, is employed in agriculture.

With our GDP at approximately $188 billion, the sector contributes 25 to 26% to GDP but generates only $47 to 49 billion annually, less than one thirtieth of America’s agricultural output despite having a vastly larger workforce.

This stark disparity reveals a fundamental truth: productivity, not the number of workers, determines agricultural success.

America achieves higher output with fewer workers through mechanization and a fully developed value chain: cold storage facilities, food processing plants, packaging companies, logistics networks, agricultural equipment manufacturing, fertilizer production, warehousing, quality control laboratories, marketing and distribution channels, agricultural finance services, and export infrastructure.

Nigeria, meanwhile, remains trapped at subsistence level using manual tools: hoes and cutlasses.

The transformation we need is mechanization, and the potential money flow would be tremendous. With a well developed policy and legal framework, capital will flow into the economy.

The agricultural sector is badly impacted by the titling challenge as defective and tainted land titles are precisely why we remain at subsistence level. Farmers cannot access capital for mechanization without proper collateral.

Moving from subsistence to mechanized agriculture will increase productivity, reduce post harvest losses, enhance food security, and position Nigeria as a net agricultural exporter.

Agricultural exports will generate substantial foreign exchange earnings, increasing FX supply and strengthening the naira.

More critically, food self sufficiency will eliminate the need to import basic staples, currently a major source of FX demand.

Reducing food imports alone could save billions of dollars annually, directly stabilizing exchange rates and reducing imported inflation. When a nation feeds itself and exports the surplus, its currency strengthens naturally.

Agricultural transformation thus creates a powerful fundamental: robust FX earnings and reduced import dependency that provides lasting stability to the naira and shields it from volatility.

What I have done here is to show that if these three reforms are implemented, along with many others like oil and gas, maritime sector optimization, and manufacturing, and are fully developed to back the naira, the naira can exchange at optimal rates because there is a fundamental backing it.

If well handled, we will see significant improvement in the next few years with reduced volatility and a stronger naira.

Honourable Minister, this is not going to be easy work. It is painstaking but doable.

The success of the tax reform shows it can be done. I project a timeline of 10 to 20 years, which is not too far-fetched.

During my lifetime, I have witnessed three presidents whom each served 8 years, so it can be done.

The difference between incremental improvement and transformative change is ambition matched with execution.

These reforms would not merely stabilize the naira; they would fundamentally restructure our economy and create sustainable prosperity for generations.

I have attached for your consideration Olisa Agbakoba Legal’s October policy paper, “Devolution is the Solution Foundational Reform Agenda for Nigeria’s Transformation.”

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Opinions

Nigeria’s Democracy Under Siege: Opposition Faces Existential Threats

Thankfully, patriotic leaders saw this danger early and chose resistance over silence by rallying around the African Democratic Congress (ADC) as the nucleus of a credible national alternative.

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By Paul Ibe *

For nearly three years, Nigerians have endured one of the harshest periods in recent history—an era defined by punishing economic policies and shrinking democratic space under President Bola Ahmed Tinubu.

True to form, this administration has not only inflicted widespread hardship but has pursued a calculated effort to eliminate political alternatives.

The objective is clear: a creeping, de facto one-party state.

Perhaps the Tinubu administration’s most disturbing “achievement” has been the systematic weakening of opposition parties, leaving the All Progressives Congress—despite its manifest failures—standing alone by default, not by merit.

Thankfully, patriotic leaders saw this danger early and chose resistance over silence by rallying around the African Democratic Congress (ADC) as the nucleus of a credible national alternative.

Predictably, agents aligned with the Presidency are now attempting to destabilize the ADC from the outside—issuing reckless prescriptions about its internal affairs, particularly the choice of a presidential candidate.

Let it be stated plainly: the ADC is on a national rescue mission. Former Vice President Atiku Abubakar, alongside other committed patriots, is central to this effort.

Any call—overt or covert—for Atiku to “step aside” is a gift to authoritarian ambition and a betrayal of the Nigerian people.

At present, the ADC is focused on building strong ward, local government, and state structures nationwide.

The ADC has consistently affirmed its commitment to an open, transparent, and competitive process for selecting its flag bearer.

APC proxies and external meddlers have no standing to intimidate, blackmail, or sabotage this democratic resolve.

At present, the ADC is focused on building strong ward, local government, and state structures nationwide.

Disruptors and infiltrators must allow the party to do this essential work without interference.The party remains open and welcoming to all genuine opposition figures.

This inclusiveness—not coercion—is the soul of democracy.When the time comes, all qualified aspirants will present themselves freely. No one is stepping down.

If anyone should step aside, it is President Tinubu—whose leadership has become a national liability.

The recent public declaration of ADC membership by former Labour Party presidential candidate Peter Obi in Enugu, the political heartbeat of the Southeast, triggered open boasts by a serving minister and presidential aides about plans to undermine the party.

Their fear is evident. Let there be no ambiguity: the ADC is determined to end the misfortune imposed by the Tinubu-led APC.

No amount of intimidation, intrigue, or sabotage will derail this rescue mission. Nigeria will not surrender its democracy without a fight.

  • * Paul Ibe, Atiku Media Office Abuja , write this piece
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Edo Broadcasting Service in the Dock By Michael Odigbe

Today, you hardly know that EBS is owned by the government because the broadcast station criticises it whenever it errs.

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Cover image: Michael Odigbe

With the support of Governor Monday Okpebholo, including funds, moral stimulus, and freedom to operate, Aledeh has been able to transform EBS into a desired, competitive global brand.

It has been over a year since Mr Sulaiman Aledeh became the managing director of the state-owned Edo Broadcasting Service (EBS), Benin.

He met the outfit in moribund mode.

However, with the support of Governor Monday Okpebholo, including funds, moral stimulus, and freedom to operate, Aledeh has been able to transform EBS into a desired, competitive global brand.

Before the coming of Aledeh, the EBS of the Obaseki era was a mere government propaganda machine and a vicious Alsatian attack dog of opponents.

Now, a new sheriff, Aledeh, is at the helm of EBS.The old unprofessionalism of staff is gone for good.

Therefore, today, you hardly know that EBS is owned by the government because the broadcast station criticises it whenever it errs.

No more hiding place for the government’s inanities. EBS is not yet on par with the BBCs of the world, but it is steadily working hard to catch up with them.

However, the station requires a transmitter each for its Ihevbe and Ivue substations for enhanced coverage.

One of these transmitters arrived from China recently and is being installed without delay.

This suggests that a visible effort is being made to establish the necessary broadcast infrastructure for improved performance.

In addition, EBS has repackaged its programmes, providing people-friendly content with deep insights, enhanced analytical conversations, quality delivery, and an expanded time scope, thanks to the efforts of Aledeh, who has a proven record of being well-versed in a wide range of topics.

This aligns with the principles of mass communication practice worldwide.

One of the new iconic programmes of EBS is the Morning Drive, powered by a crack team of Aledeh himself, St. Patrick, Chris Enabulele, Desmond, AJ, Belema, Uju, Ofure and Mathew Ajakaiye.

Unknown to critics, the team is not a crowd but a whole house of intelligent men and women intentionally assembled for quality conversations that incorporate different perspectives.

Another key point in constituting the team is to promote the Governor Monday Okpebholo’s policy of inclusivity in governance at the micro EBS level.

For instance, with Belema, Ofure, and Uju in Morning Drive, there is female gender representation.

And by having Desmond on the programme, a person with a visible physical challenge is brought on board in Morning Drive.

So, let us stop focusing on the programme’s population and instead concentrate on the cumulative conversational value of each team member, which has been top-notch so far.Indeed, what we have in Morning Drive is not a case of ‘too many cooks spoil the broth ‘.

Instead, it is a case of a plurality of good heads being better than two or three equally good ones.

At this juncture, I must not fail to say that the deliberate inclusion of Desmond, Chris Enabulele and Mathew Ajakaiye in Morning Drive is very revealing. See, although physically challenged, Desmond is never found wanting in the knowledge content of the ideas he speaks on self-assuredly and fearlessly. Chris Enabulele!! Spinning good music is his ‘bad’ habit. But hold it. Just listen to his contributions in Morning, Drive, and you will marvel at his expansive grasp of past and current world events. Never think he is just a music machine.

Additionally, it was exciting to meet Mathew Ajakaiye on Morning Drive. He not only anchors the sports segment of the programme with an array of scintillating information and analysis, but he also stays on to provide valuable insights into any discussion on the table. He is a genuinely global person. All this narrative about Desmond, Chris Enabulele and Mathew Ajakaiye is proof positive that it is a logical fallacy to judge a book by its cover without reading it.However, I need to point out here that the programme should avoid teasing personal jokes targeted at members, as they often end up exposing confidential biographies to the public

in these days of a digital lifestyle. No one has the statutory right to openly discuss false or accurate information about a person with a veneer of a sarcastic joke.There is a plethora of jokes out there in the limitless universe that can add comfort, richness, and organic entertainment value to Morning Drive, currently the leading programme in the South-South of Nigeria, alongside Drive O’Clock, another superlative baby of EBS.Drive O’Clock, conceptualised by innovative Aledeh and operationalised by a triangular intelligent crew of Seriki, Englishman, as well as Soji Abok, is today a pioneer in Africa in impact journalism, delivered wi

h a local Nigerian energetic flavour.It is achieving its mandate of liberating the populace from the capitalist cruelty of human rights abusers.All said, my counsel is that the crew should realise that listeners and viewers of the programme have the right to criticise the presenters, even with malice.Therefore, they should not return the abuse in kind, but instead deploy hard facts, information, and education to counter the mischief of wicked critics.With Aledeh in charge at EBS, the Tuesday night reggae programme of Kingsley Ogbebor, as well as the Sunday afternoon programme of Agbakpan, and the late Sunday evening highlife programme of

Omoaka, have become more robust in terms of content, texture, and presentation style.As of now, I consider the Saturday programme, Una Good Morning Show, as a weak link in the success story of EBS. The programme is not well presented by Rev Orukpe Otubor. It is unacceptable for him to rely on Idele’s deficiencies in conversations about the programme when it is clear that Idele habitually injects personal trivialities into serious discussions on which he lacks relevant information and analytical prowess.More disappointing is that Idele often loses his attention span and struggles to stick to discussion topics, a characteristic trait that

eads him to speak out of turn. He is incorrigible, never submitting to cognitive reconditioning by Otubor, the presenter, to enable him to align with the high standards that Aledeh is setting for the new EBS.So, it is time Idele is weeded out with Aledeh’s winnowing fork so that he doesn’t do more damage to the UNA GOOD MORNING programme started long ago in 1980 by enigmatic Pa Felix Ogie.The producer of the programme needs to ensure that people like Robert Aiyanyi, Gladys Ighalo, Hope Bazuaye, and other talented individuals are recast into the programme after receiving proper education on the editorial policy of the new EBS under Aledeh

an EBS today is on the move. It is not only proper infrastructure that is needed to excel. Additionally, the broadcast station requires high-quality programmes, producers, and presenters to achieve and sustain success.

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Opinions

Christmas Eve Explosion: One Too Many

We commiserate with the families of those who have lost their loved ones in this senseless attack. No one should lose their life while worshipping God.

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By Ini Ememobong
 

The news of an explosion in a mosque in Gamboru Market, Maiduguri is another sad reminder of the rising insecurity that has become the unfortunate contemporary reality that Nigerians face.

This is totally unacceptable; the irreducible minimum the government should offer its people is the protection of lives and property.

This administration has failed woefully in this respect and should rise to the occasion rather than resort to rhetoric and playing politics with security.
 
We commiserate with the families of those who have lost their loved ones in this senseless attack. No one should lose their life while worshipping God.

If these attacks on places of worship continue unchecked, they will not only violate the constitutional right of Nigerians to freely worship but will also create an atmosphere of fear that threatens the very fabric of our religious society.


We call on the Federal and State Governments to take immediate and practical steps to protect our citizens throughout this yuletide season and beyond.

Nigerians deserve more than empty promises and political rhetoric. We need concrete, actionable security strategies deployed on the ground.

This escalating insecurity has become unbearable and must be confronted with the urgency and seriousness it deserves
 
• Comrade Ini Ememobong is the
National Publicity Secretary,
People’s Democratic Party

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