The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has said that protecting Small and Medium Scale Enterprises is vital to Nigeria’s long-term economic prosperity.
Almona made this statement while delivering the keynote address at the Economic Freedom Summit themed “Towards a Competitive Nigerian Economy.” The event was organised by Ominira Initiative in collaboration with Atlas Network and Fraser Institute and held in Ikeja, Lagos, on Friday.
She described the Nigerian business environment as tough, pointing to high inflation, multiple tariffs, and burdensome regulations as major obstacles facing SMEs.
“If you can succeed in doing business in Nigeria, you can succeed anywhere because the challenges are enormous. But we continue to push, and sometimes we pull through. At LCCI, we see firsthand how streamlined regulations and transparent licensing can make a difference,” she said.
Almona called for a harmonised tariff schedule and responsible trade openness to reduce input costs for businesses. She also urged the elimination of bureaucratic bottlenecks and greater policy clarity to help investors plan better. According to her, full activation of the National Single Window regime, expansion of digital lending, and operationalisation of the National Credit Scheme would improve SMEs’ access to finance.
“The global evidence is clear. Countries that embrace predictable trade, secure property rights, digital governance, and financial deepening experience sustained growth and resilience. Nigeria has the scale, talent, and strategic location; what is required is institutional clarity and policy consistency,” she said.
She added that with political will and measurable implementation, Nigeria could move from economic vulnerability to structural competitiveness.
“At LCCI, we remain committed to partnering with government, civil society, and research institutions like Ominira Initiative to drive economic reforms. Our vision is a Nigeria where enterprise flourishes, competition thrives, and economic freedom expands opportunities for all,” Almona stated.
Also speaking at the summit, economist Dr Muda Yusuf stressed the need for strategic trade openness built on transparency to support SMEs and private sector growth.
“Greater openness increases import intensity and amplifies vulnerability to foreign exchange shocks. In Nigeria, where exports depend heavily on oil prices, import dependence creates exposure to forex scarcity, inflationary pressures, and cyclical disruptions to production,” he said.
Yusuf noted that businesses are struggling with high interest rates and unfair competition from subsidised imports. “Domestic firms face unequal competition from foreign producers benefiting from export subsidies, cheaper energy, lower financing costs, and more efficient logistics. This structural asymmetry reduces Nigeria’s industrial competitiveness,” he said.
He explained that Nigerian manufacturers, especially those competing with products from China, face serious disadvantages, which have led to the closure of many firms.
Yusuf called for trade policies that promote export competitiveness and strengthen domestic productive capacity instead of presenting trade as a choice between total openness and protectionism.
“Trade policies must be strategic. Nigeria should pursue integration in ways that support export competitiveness and domestic productive expansion while addressing structural constraints that weaken industrial performance,” he said.
He recommended improved trade facilitation and export promotion strategies, as well as macroeconomic stability. He also urged a shift from an “open-to-import” to an “open-to-export” strategy. According to him, this should include export promotion zones, performance-based incentives, and sectoral export targets.
Yusuf further called for stabilisation of the foreign exchange framework to help businesses plan investments, reduce production costs, and improve access to imported inputs. He advocated reforms at the ports, including digitisation of trade procedures, streamlined agency presence, predictable clearance processes, and reduced informal charges.
He also suggested expanding export financing and insurance support through NEXIM and other instruments. In addition, he urged investment in industrial power supply, infrastructure clusters, and machinery upgrades to boost productivity.
Prof Olawale Ogunkola of the University of Ibadan’s Department of Economics said Nigeria’s productive sector has weakened due to economic policies and the broader business environment. He criticised the country’s tariff structure, arguing that it focuses more on revenue generation than trade promotion. He called for trade openness that supports development while resolving contradictions between trade and investment policies.
Another economic expert, Fred McMahon, said countries with higher levels of economic freedom tend to enjoy greater prosperity. He rejected claims that economic freedom undermines national progress and said citizens must be able to control their economic lives.
“There is a lot of poverty in countries without free markets. The greatest prosperity exists in countries with high economic freedom. Literacy and life expectancy are also higher. Lack of economic freedom is a breeding ground for corruption,” he said, while criticising bureaucratic bottlenecks, particularly at the ports.
The summit also featured panel sessions led by the Director of Ominira Initiative, Bayonle Fesob. Speakers included Prof Bongo Adi of Lagos Business School, Ishmael Balogun of the Nigeria-Indonesia Chamber of Commerce, Stephen Akut of the Nigerian Economic Summit Group, Prof Akintunde Otubu, Ikhine Mary, Festus Ogun, and James Sonde. The Communications Manager of Ominira Initiative, Adedapo Akinola, anchored the programme.
