Former Chairman of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba, has expressed that President Bola Tinubu’s inaugural year in office has laid the groundwork for significant progress. He noted notable achievements across various sectors, emphasizing that while the right policy choices have been made, implementation remains the primary challenge.
Agbakoba made these remarks on Friday during a press conference evaluating the first 365 days of the Tinubu administration. The conference took place in his office in Apapa, Lagos. He highlighted that during his first year, the president made significant strides in several areas outlined in his “Renewed Hope” campaign manifesto.
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The former NBA president cited achievements such as the removal of fuel subsidies and the adoption of a floating exchange rate to save costs and unify FX markets. Despite short-term challenges, other accomplishments included the approval of a committee on modalities for establishing State Police, investment in military equipment and food security measures, and the signing of a new Electricity Act allowing participation of states and private entities in the power sector.
Agbakoba further noted achievements in infrastructure, where the administration secured funding for major seaport, railway, and power plant projects. Additionally, Nigeria’s role as a stabilizing force in the Economic Community of West African States (ECOWAS) was highlighted, leading to increased foreign direct investment (FDI) exceeding $15 billion. The rehabilitation of refineries and the encouragement of new private refineries were also mentioned.
However, Agbakoba stressed that for Tinubu’s government to fully realize its transformative vision and fulfill campaign promises, focus on critical areas such as security, power, and an emergency industrial revolution is essential. He believes that addressing these issues will unleash kinetic energy and accelerate progress in the country. Furthermore, he emphasized the importance of increasing the pace of implementation for these initiatives.
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He noted that the pace of implementation was sluggish, contrasting it with the urgency and decisiveness shown by former United States President Franklin D. Roosevelt (FDR) during his first 100 days. Roosevelt’s actions set a high standard, as his “New Deal” policies tackled the Great Depression with unprecedented speed, scale, and precision, creating numerous jobs, initiating vast public works projects, and establishing new institutions that reshaped the American economy and society.
President Tinubu’s initial year in office has laid the groundwork for significant progress, marked by notable achievements across various sectors. While the right policy choices have been made, the challenge lies in their execution.
To fully realize his transformative vision and fulfill his campaign promises, it’s imperative for the government to concentrate on key areas with the potential for the most significant impact, such as security, power, and an emergency industrial revolution. Addressing these critical issues would unleash energy and expedite progress.
Moreover, there’s a pressing need for the government to pick up the pace. The current rate of implementation is slow, and the nation expects the same urgency and decisiveness displayed by FDR during his initial 100 days.
President Tinubu should lead by example, setting the tone and driving the execution of his agenda with unwavering determination.
Expanding on this, Agbakoba emphasized that President Tinubu must prioritize establishing a robust foundation of national order, unity, peace, and stability as prerequisites for sustainable development. This entails facilitating a significant agreement similar to the Treaty of Westphalia by engaging with ethnic groups, the National Assembly, and various stakeholders to address fundamental questions concerning Nigeria’s political identity and arrangements for coexistence as a unified entity.
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Regarding the need for a comprehensive Economic Recovery Plan, the former NBA president highlighted the opportunity for Tinubu to implement a sweeping New Deal-style economic recovery plan, drawing from recommendations in the OAL’s 2024 policy report. This would involve enacting targeted reforms and sector strategies aimed at revenue generation, job creation, infrastructure development, and GDP growth across various sectors such as maritime, aviation, space, financial services, oil/gas, mining, agriculture, and manufacturing.
“If effectively implemented, this could generate N100 trillion and over 4 million jobs,” he asserted.
Additionally, he underscored Tinubu’s significant opportunity to revamp Nigeria’s governance framework through Constitutional Reform by spearheading the replacement of the 1999 Constitution with a new constitution that decentralizes powers, fosters unity, and strengthens democratic institutions. This process could encompass public service reforms, judicial reforms, and measures to empower regulatory agencies for sustained good governance, achieved through close collaboration with the National Assembly, engaging stakeholders to build consensus, and prioritizing execution with clear targets and accountability.
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