Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has called on Nigeria and other African countries to accelerate reforms that will unlock the full benefits of digital trade and the African Continental Free Trade Area (AfCFTA).
She made the appeal while speaking at the 20th anniversary celebration of leading law firm Streamsowers & Köhn (SSK) in Lagos. The event was themed, “Nigeria’s Path to Economic Resilience and Investment Leadership in a Volatile Global Environment.”
Okonjo-Iweala said that despite rising geopolitical tensions, tariff disputes and challenges facing the global trading system, about 72 percent of world trade still operates under WTO rules. According to her, this shows that the rules-based trading system remains relevant.
She described the current global trade environment as the biggest challenge to multilateral trade in nearly 80 years but stressed that the global trading system has continued to show resilience.
The WTO chief also warned against escalating tariff wars, particularly between the United States and China. She said prolonged trade conflicts could divide the global economy into rival blocs, reducing global GDP by as much as seven percent over time.
She disclosed that the WTO is working with the World Health Organization to expand vaccine manufacturing in Africa. Rwanda and Senegal are already benefiting from the initiative, while Nigeria is also being considered as a future production hub.
On African trade, Okonjo-Iweala lamented that trade among African countries remains at about 20 percent, compared to nearly 60 percent within the European Union. She described AfCFTA as one of Africa’s greatest economic opportunities but said poor infrastructure and inefficient border systems continue to limit its impact.
She urged African governments to invest in better roads, rail networks, airports and faster customs processes. She recalled having to travel through Addis Ababa to fly from Yaoundé to Abuja because there was no direct connection, describing it as evidence of Africa’s weak transport links.
The WTO boss also identified digital trade as one of the fastest-growing sectors of the global economy. She said it offers young people and women new opportunities to provide services in areas such as education, healthcare, legal practice, consulting, entertainment and fashion without leaving their home countries.
Okonjo-Iweala revealed that the WTO’s Women in the Digital Economy Fund launched with an initial $50 million to support female entrepreneurs. Nigeria was among the first four countries selected, with more than 100 Nigerian women already benefiting from grants and technical support.
Earlier, SSK Managing Partner Tamuno Atekebo reflected on the firm’s journey from a small office established in 2006 to one of Nigeria’s leading commercial law firms. He credited its growth to merit-based leadership and empowering young lawyers with greater responsibilities.
The firm’s founding partners, including Kemela Okara, Etigwe Uwa (SAN) and Chiagozie Hilary-Nwokonko, also highlighted trust, integrity and teamwork as the values that have sustained the firm over two decades.
Former Managing Director of the Nigerian Investment Promotion Commission, Yewande Sadiku, said Nigeria’s ongoing economic reforms could attract fresh investment, just as past banking reforms strengthened the country’s financial sector and improved investor confidence.
The anniversary celebration concluded with the SSK Moot Court Competition awards, recognising outstanding law students from universities across Nigeria’s six geopolitical zones. Speakers agreed that stronger regional integration, improved infrastructure and digital innovation will be key to Africa’s long-term economic growth.
