Prioritise legal policy framework, innovation to achieve N500trn economy 2026, Agbakoba tells FG
Dr. Olisa Agbakoba (SAN) has said that for Nigeria to achieve its economic target, there is a need to prioritise innovation and efficiency and achieve a N500 trillion economy in the 2026/27 fiscal year
In a policy document to President Bola Tinubu, titled: “GOVERNANCE AND ECONOMIC ANALYSIS AND FORECAST 2025: TO SUCCEED NIGERIA NEEDS INNOVATION AND EFFICIENCY TO CREATE A ₦500 TRILLION BUDGET FOR 2026/2027”, Agbakoba stressed the critical role of legal policy frameworks achieving sustainable economic development.
According to Agbakoba, despite Nigeria’s abundant natural resources, human capital, and financial investments, only a robust legal and institutional framework can produce meaningful development.
He said, “Our research and analysis demonstrate that legal policy is, in fact, a key determinant—indeed, a primary driver—of economic development.
“Nigeria’s potential for achieving a ₦500 trillion economy is predicated on establishing this crucial link between legal policy and economic development.
“The quality of institutions is not merely a peripheral factor but a central pillar in fostering sustainable growth. When legal frameworks are weak, investment is deterred, property rights remain insecure, contracts become unenforceable, and corruption flourishes—all of which undermine development regardless of a nation’s resource endowment.
“Most of Nigeria’s economic development plans we have examined notably exclude legal policy considerations—an oversight we believe constitutes a grave error.”
Citing Prof, Mancir Olson and Hernando De Soto’s, the legal luminary said it would be difficult for the country to access the estimated $6 trillion in housing assets unless legal analysis is taken into account.
“Legal policy and economic reforms are deeply intertwined because legal frameworks provide the foundation for markets, transactions, and governance. Legal reforms enable economic reforms by making them credible, enforceable, and attractive to investors. Legal policy is not a technical side issue—it is central to economic performance,” he explained.
He urged the president to pay “attention to our policy document, which provides a detailed roadmap for integrating legal policy reforms with economic transformation strategies. We believe this approach will revolutionize Nigeria’s development trajectory and help realize our nation’s immense potential.”
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