November 10, (THEWILL) — Constitutional lawyer, Olisa Agbakoba (SAN), has urged the Federal Government to adopt a three-pronged strategy to stabilise the naira and strengthen the economy.
In an open letter to the Minister of Finance, Agbakoba noted that the naira lost over 40 percent of its value in 2024.
He recommended formalising land and real estate titles, expanding access to credit, and introducing mechanised agriculture as key steps to unlocking the country’s economic potential and ensuring long-term stability.
He observed that most land in Nigeria is untitled, preventing it from being used as collateral for loans or integrated into formal financial markets.
Proper documentation of land and real estate, he said, would allow assets to be traded and leveraged, unlocking significant hidden value currently lying dormant across the economy.
On expanding access to credit, Agbakoba stressed that Nigeria’s predominantly cash-based economy stifles business growth and limits financial inclusion.
He suggested that if 200 million Nigerians accessed an average of ₦300,000 in credit, about ₦60 trillion would circulate within the economy, stimulating production and reducing pressure on foreign exchange.
He also noted that agriculture employs nearly 40 percent of the population but delivers low output due to reliance on manual labour.
Mechanisation, he argued, would raise productivity, create jobs, increase food supply and strengthen agricultural exports, easing pressure on the naira.
Agbakoba said the proposed reforms would enable the naira to be backed by real assets, deepen domestic currency usage through credit extension, and boost export earnings from agriculture.
Taken together, these measures could shift Nigeria toward a more resilient and productive economic structure.
He acknowledged that achieving these reforms would require coordination across ministries, investment in infrastructure, legal restructuring, and strong private sector collaboration.
He posed questions around implementation, including how fast land title digitisation could be completed and how banks would adapt to accepting newly titled assets as collateral.
Despite the challenges, Agbakoba expressed optimism that the reforms could stabilise the currency, drive sustainable growth and secure the economic future of upcoming generations.
He urged the government to act decisively, warning that delay could worsen volatility and weaken investor confidence.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
