On Friday, February 13, 2026, the Ominira Initiative, in partnership with the Atlas Network and Fraser Institute, hosted the Economic Freedom Summit in Ikeja, Lagos. Under the theme “Towards a Competitive Nigerian Economy,” the summit gathered industry titans and policy experts to address the structural hurdles stifling Nigeria’s private sector.
The keynote address, delivered by Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), painted a candid picture of the “toughest business environment” while offering a strategic exit ramp toward global competitiveness.
1. The SME Survival Gap
Dr. Almona emphasized that while Nigerian entrepreneurs are among the most resilient in the world, the current hurdles are “enormous.”
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The Triple Threat: High inflation, multiple taxation (tariffs), and “burdensome” bureaucratic regulations.
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The “Lagos Test”: She famously noted, “If you can succeed in doing business in Nigeria, you can succeed anywhere.” * Regulatory Vision: LCCI is advocating for transparent licensing and a harmonized tariff schedule to reduce the “cost of entry” for small businesses.
2. Digital Trade & Credit Reforms
A major highlight of the summit was the call for the full operationalization of two critical government initiatives:
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The National Single Window (NSW): Scheduled for a Phase One launch on March 27, 2026, this digital platform aims to cut cargo clearance times at Nigerian ports to 24 hours.
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The National Credit Scheme: Managed via the Nigerian Consumer Credit Corporation (CREDICORP), the scheme is designed to expand digital lending and provide economically active citizens with comprehensive credit scores, easing the “starvation of credit” for SMEs.
3. Strategic Openness vs. Protectionism
Renowned economist Dr. Muda Yusuf provided a counterpoint on trade policy, warning against “unrestricted openness” that exposes local firms to unfair global competition.
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The Structural Asymmetry: Yusuf noted that Nigerian manufacturers compete with foreign producers (particularly from China) who benefit from state subsidies, lower interest rates, and cheaper energy.
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Import Intensity: He argued that over-dependence on imports amplifies Nigeria’s vulnerability to foreign exchange (FX) shocks.
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The Solution: A “balanced” trade policy that prioritizes export competitiveness and domestic value addition before enforcing export restrictions on primary products.
4. Nigeria’s Industrial Snapshot (2025–2026)
The summit acknowledged recent milestones in development finance as a foundation for the growth discussed.
“Trade restrictions should not be matters for legislative enactment; they should be fiscal instruments flexible enough to respond to prevailing economic conditions.” — Dr. Muda Yusuf, CEO of CPPE.
