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Legal luminary and Senior Advocate of Nigeria, Dr. Olisa Agbakoba has Marshall marshalled out how Nigeria could unlock over ₦1.5 quadrillion in new economic value and achieve a stable, prosperous economy within a decade leveraging three key reforms of; land titling, credit expansion and agricultural mechanisation.
In an open letter to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, titled “Ideas for a Quadrillion Naira Economy in 10 to 15 Years,” Agbakoba commended the Tinubu administration’s strides in economic recovery but warned that exchange rate volatility remains the country’s most pressing challenge.
“The naira lacks fundamentals tangible economic pillars that give people reason to hold and use it. To reverse this, we must create those fundamentals”, he said.
Agbakoba’s first reform proposal centers on land and real estate titling, which he described as the key to unlocking Nigeria’s “dead capital.”
He cited studies by the World Bank, PwC, and OAL showing that 90% of Nigerian land lacks valid titles” preventing owners from using them as collateral.
“Property titling reform transforms dead capital in land and real estate into productive assets. It releases equity locked in land, converting illiquid assets into financial capital that circulates through the economy,” he explained.
Agbakoba projected that converting dead assets could inject ₦1.5 quadrillion, equivalent to the value of $900 billion in unutilized property into productive use.
He urged the government to fast-track the National Land Registration and Titling Programme, saying its success could “dramatically reduce exchange rate volatility” by giving the naira real economic backing.
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His second pillar, credit economy expansion targets Nigeria’s over-reliance on cash transactions.
According to him, establishing a robust credit system could inject ₦60 trillion into the economy and deepen domestic consumption.
“A thriving naira credit market will make the currency more attractive as an asset. When citizens can access credit in naira to own homes and build wealth, the currency gains intrinsic value and stability,” he wrote.
On agricultural mechanisation, Agbakoba lamented that Nigeria employs up to 38% of its workforce in agriculture yet generates less than one-thirtieth of the U.S.’s agricultural output.
“Productivity, not the number of workers, determines agricultural success,” he stated. “Mechanization will increase output, reduce food imports, and position Nigeria as a net exporter, strengthening the naira naturally.”
He emphasised that these reforms, alongside improvements in oil, gas, and manufacturing, would provide the structural backbone the naira desperately needs.
“The difference between incremental improvement and transformative change is ambition matched with execution.
“These reforms would not merely stabilize the naira; they would restructure our economy and create sustainable prosperity for generations”, he said.
