Agbakoba Tells Edun How to Unlock N1.5 Quadrillion from Land, Agriculture

Femi Ashekun/

Renowned legal luminary and human rights advocate, Dr. Olisa Agbakoba, SAN, has called on the Federal Government to implement transformative reforms that could create a quadrillion-naira economy within the next 10 to 15 years.

In an open letter to Finance Minister, Mr. Wale Edun, Agbakoba emphasised that the key to stabilising the naira and accelerating economic growth lies in addressing three interlinked areas: land and real estate titling, credit economy expansion, and agricultural mechanisation.

“Despite significant achievements in GDP growth, declining inflation, stabilised exchange rates, increased foreign reserves, and improved oil production, exchange rate volatility remains our most pressing challenge,” Agbakoba wrote. “The naira currently ranks among the worst-performing currencies in Africa, depreciating over 40% in 2024 alone. The root cause is simple: the naira lacks fundamentals—tangible economic pillars that give people reason to hold and use it.”

Agbakoba highlighted the massive untapped potential in Nigeria’s property sector. “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, used as collateral, or integrated into the financial system,” he said.

He pointed to the work of economist, Hernando de Soto, noting, “Converting dead capital into productive assets through formal property rights revolutionises developing economies. Property titling reform transforms dormant assets into financial capital, which can circulate through the economy. The result is substantial new liquidity—more individuals and businesses gain access to loans, properties become tradable assets, and wealth enters productive use.”

Agbakoba urged swift implementation of the National Land Registration, Documentation and Titling Programme, describing it as a “foundation that must now be scaled and digitised to create an instant credit market worth potentially thousands of times our GDP.”

He calculated that unlocking $900 billion of dead capital through proper titling would translate to over N1.5 quadrillion at today’s exchange rate, providing a formidable backing for the naira.

The legal luminary also addressed Nigeria’s largely cash-based economy. “A robust credit system allows people to buy what they cannot currently afford, provided they manage their debt. If 200 million Nigerians each had N300,000 in credit facilities, we would inject N60 trillion into the economy,” Agbakoba argued.

He added, “Naira-denominated credit will boost domestic consumption of locally produced goods, reduce import demand, and strengthen the currency. When citizens can access credit to own homes, start businesses, and build wealth, the naira gains intrinsic value and stability. This is not just reform—it is a fundamental restructuring of our economy.”

Agbakoba’s third pillar focuses on transforming Nigeria’s agricultural sector. “In the United States, only 2% of the workforce are in agriculture, yet the sector contributes $1.5 trillion annually. In Nigeria, 30 to 38% of our workforce is in agriculture, but the sector generates less than one-thirtieth of America’s output,” he noted.

He argued that mechanisation and a developed value chain, including cold storage, food processing, logistics, and financing, could turn Nigeria into a net agricultural exporter.

“Farmers cannot access capital for mechanisation without proper collateral. Moving from subsistence to mechanised agriculture will increase productivity, reduce post-harvest losses, enhance food security, and generate substantial foreign exchange earnings, strengthening the naira in the process,” Agbakoba said.

Concluding his letter, Agbakoba urged a long-term vision. “The difference between incremental improvement and transformative change is ambition matched with execution. These reforms would not merely stabilise the naira; they would fundamentally restructure our economy and create sustainable prosperity for generations.”

He attached a policy paper titled, ‘Devolution is the Solution: Foundational Reform Agenda for Nigeria’s Transformation,’ urging the Ministry to consider it as part of the strategic roadmap to a quadrillion-naira economy.