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Nigeria Requires Improved Framework to Attain a $500trn Economy – Agbakoba
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Former President of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba (SAN), has stated that Nigeria’s potential to achieve a ₦500 trillion economy by 2026/2027 can only be realised through the establishment of robust legal and institutional frameworks. He noted that, without such an approach, meaningful development would remain elusive.
Agbakoba made this submission in an open letter to President Bola Ahmed Tinubu, accompanied by a document titled: “Governance and Economic Analysis and Forecast 2025: To succeed Nigeria needs innovation and efficiency to create a ₦500 trillion Budget for 2026/2027,” which he urged the President to consider.
The former NBA President said the policy document outlines a bold yet achievable vision for the country’s economic transformation, with particular emphasis on the critical role of legal policy frameworks in driving sustainable economic development — an aspect he noted is often overlooked in economic planning.
According to Agbakoba, there is a commonly held view that legal policy plays no role in economic development, but he quickly refuted such a perspective, stating that research and analysis by his organisation had demonstrated “that legal policy is, in fact, a key determinant—indeed, a primary driver—of economic development.”
The former NBA President argued that, although a country may possess abundant natural resources, human capital, and financial investments, the absence of strong legal and institutional frameworks would render meaningful development unattainable.
He further asserted that the quality of institutions is not merely a peripheral factor but a central pillar in fostering sustainable growth. He noted that 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.”
He also lamented that most of Nigeria’s economic development plans reviewed so far notably exclude legal policy considerations, describing such an omission as a grave error.
“Eminent development scholars have long highlighted this grave error, including Professor Mancur Olson, whose research emphasises that ‘development will not occur unless legal analysis is taken into account.’
“Professor Olson’s scholarly work demonstrates that while traditional economic theories focused on aggregate factors like capital, land, and labour, these factors alone cannot explain development disparities. His simple but profound conclusion is that ‘the quality of a country’s institutions is a principal determinant of its economic performance.’
The Nigerian National Petroleum Company Limited, NNPCL, has slashed its fuel pump price for the second time within four days.
A market survey on Saturday by DAILY POST showed that NNPCL retail outlets around Airport Junction and Wuse Zone 6 (Berger) in Abuja have reduced their petrol price to N1210 per litre, down from N1260.
This means that the state-owned oil firm slashed the petrol price by N50 per litre.
This comes barely two days after Dangote Refinery reduced its petrol gantry price by N50 to N1,125 per litre.
Recall that four days ago, NNPCL had adjusted its fuel price pump by N75 per litre to N1260.
With the latest drop by NNPCL retail outlets, petrol prices stand between N1210 per litre and N1305 per litre in Abuja and its environs.
The reduction in domestic fuel comes amid falling crude oil prices, which stand at $69 per barrel and $71 per barrel for West Texas Intermediate and Brent crude, respectively, following the easing of the conflict in the Middle East.
Recall that President Bola Tinubu has kept mum amid the clamour by Nigerians for a commensurate drop in domestic fuel pump prices due to the significant reduction in crude oil prices.
The Independent National Electoral Commission, INEC, has said it is yet to receive the Certified True Copy, CTC, of the Federal High Court judgment that set aside an earlier order directing it to register the Nigeria Democratic Congress, NDC, as a political party.
INEC revealed this in a statement issued on Saturday by its Chief Press Secretary and Media Adviser to the Chairman, Adedayo Oketola.
According to the commission, although it is aware of media reports on the judgment delivered by the Federal High Court sitting in Lokoja on June 26, it cannot comment on the ruling until it obtains and reviews the certified copy.
The Independent National Electoral Commission, INEC, is aware of reports circulating in the media regarding the judgment delivered on Friday, June 26, 2026, by the Federal High Court sitting in Lokoja, which set aside an earlier order concerning the registration of the Nigeria Democratic Congress.
“However, as of this moment, the Commission has not yet received the Certified True Copy, CTC, of the court’s order,” the statement said.
INEC stated that its legal department would study the judgment upon receipt of the CTC before advising the commission on the next course of action.
“Once the Commission’s legal department receives and thoroughly studies the CTC of the judgment, INEC will take an informed, lawful decision in line with the court’s directives.
“Until then, we cannot comment on the specifics of the ruling, and the public is urged to await the Commission’s formal position on the matter,” Oketola added.
Justice Isah Dashen of the Federal High Court in Lokoja had on Friday set aside the court’s December 10, 2025, judgment directing INEC to register the NDC as a political party.
The court held that the rights of the Peace Movement Party were affected by the earlier judgment because it was not joined in the suit despite claiming ownership of the logo relied upon in securing the registration order.
Justice Dashen consequently ordered that all parties be restored to the positions they occupied before the December 2025 judgment and directed that the substantive suit be heard afresh with all necessary parties joined.
The NDC has rejected the ruling and announced plans to appeal the decision. Its National Chairman, Senator Moses Cleopas, maintained that the party had not been deregistered and argued that the trial court lacked jurisdiction to revisit a matter on which it had already delivered a final judgment.
The ruling has also attracted reactions from opposition figures, including the NDC’s presidential candidate, Peter Obi, the party’s National Leader, Senator Henry Dickson, and other stakeholders, who described the decision as a threat to Nigeria’s multiparty democracy and vowed to challenge it through all available legal channels.
INEC, however, maintained that it would reserve its position on the judgment until it receives and reviews the Certified True Copy.
A joint police operation rescued five victims abducted near Ogbere Forest in Ogun state on Wednesday.
They were rescued within 25 hours by the Lagos and Ogun Police Commands, which were part of a joint operation codenamed KOSAYE, meaning “No Space” in Yoruba.
The woman was among the victims who were shot in the incident. Her daughter and sister were among those rescued by the police on Thursday.
NNPC slashes petrol price twice within four days
Lokoja Court order: INEC speaks on NDC, says it’s yet to receive CTC
Just in: Police rescue five abductees in Ogun
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