6 Pillars of Economic Reforms President Tinubu Must Engage By Olisa Agbakoba

In our latest policy report, OAL Governance and Economic Analysis and Forecast 2025, I stated that for President Bola Ahmed Tinubu to effectively begin the process of national economic recovery, six major reform pillars must be urgently and strategically implemented. These pillars lay the foundation for a new policy direction focused on efficiency, transparency, and economic inclusion.

First and foremost, there is an urgent need for decentralising power in Nigeria. The country’s overcentralised federal system hinders development, and to achieve growth, power must be devolved to the geopolitical zones, each functioning with economic and administrative autonomy. Devolution will empower local governments with resources and responsibilities on education, healthcare, policing etc.

The second proposal is a comprehensive restructuring of Nigeria’s oversised public sector. There must be a massive reduction of ministries and government agencies to no more than ten.

I pointed out a third proposal that the substantial funds recovered from the removal of fuel subsidies should be directed towards building major social infrastructure. I also suggested that investments need to be made in critical sectors such as healthcare and education, construction of hospitals, schools, and strengthening social safety nets etc. These interventions, I stressed, are essential to alleviate the impact of subsidy removal on Nigerians.

My fourth proposal is a call for a robust support system for local manufacturing. I believe the government must take deliberate steps to stimulate the domestic economy by empowering local industries and entrepreneurs. Boosting production, in my view, is key to job creation, industrial competitiveness, and reducing our reliance on imports.

My fifth and highly strategic recommendation is that the federal government must reclaim full control of Nigeria’s oil wells and natural resources. I strongly believe that private ownership of critical national oil assets must come to an end.

The sixth proposal is that government must get out of business. The private sector must drive economic growth, while government creates the enabling environment. By stepping back from direct business operations, the government could unleash innovation, attract investment, and enhance overall economic efficiency.

In summary, my recommendations in the OAL Governance and Economic Analysis and Forecast 2025 present a bold and actionable roadmap for Nigeria’s economic transformation. They reflect my strong commitment to visionary governance, economic justice, and a redefined national direction anchored in inclusive and sustainable development.

Agbakoba is a Senior Advocate of Nigeria, SAN