By Olasunkanmi Akoni

Renowned constitutional lawyer, Dr. Olisa Agbakoba, SAN, has urged President Bola Tinubu to aim for a bold ₦500 trillion national budget for 2026 and 2027, stressing that innovation and legal policy reforms are key to unlocking Nigeria’s economic potential.

In a policy letter dated April 22, 2025, and addressed to the president—with a copy to Ms. Hadiza Bala Usman, Special Adviser on Policy and Coordination—Agbakoba emphasized the often-overlooked role of legal frameworks in driving sustainable development.

Titled “Governance and Economic Analysis and Forecast 2025: To Succeed Nigeria Needs Innovation and Efficiency to Create a N500 Trillion Budget for 2026/2027,” the document outlines a transformative vision for Nigeria’s economic revival.

“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.

He argued that while Nigeria is rich in natural resources and human capital, its development will remain stunted without robust legal and institutional frameworks. According to him, weak legal structures deter investment, render property rights insecure, make contracts unenforceable, and fuel corruption.

The letter draws on influential research from scholars like Mancur Olson, Hernando De Soto, and Daron Acemoglu and James Robinson, whose works emphasize the central role of institutions and legal systems in determining national prosperity.

Agbakoba cited De Soto’s theory from “The Mystery of Capital”, noting that Nigeria’s lack of a functioning mortgage system, despite vast housing assets, is due to inadequate property rights legislation. He estimates the country could unlock $6 trillion in capital through reform.

Similarly, referencing “Why Nations Fail”, he stressed that inclusive institutions, which ensure participation, competition, innovation, and property rights, are vital to economic success. These, he argued, must be underpinned by sound legal policy.

“Legal reforms enable economic reforms by making them credible, enforceable, and attractive to investors,” he said. “Legal policy is not a technical side issue—it is central to economic performance.”

Agbakoba’s letter urged President Tinubu to consider the roadmap presented in his policy document, which integrates legal policy with economic strategy, stating that doing so could revolutionize Nigeria’s growth trajectory.

He concluded with a call to action: “We believe this approach will help realize our nation’s immense potential. Yours faithfully.”