Nigeria has been ranked among the weakest performers globally in terms of trade freedom, with experts warning that structural and institutional bottlenecks are undermining the countryβs economic potential.The warning came at two high-level policy roundtables hosted in Abuja by the Ominira Initiative, a free-market think tank, where economists, trade analysts and policy experts highlighted the countryβs poor standing in global economic freedom indexes.According to them, restrictive trade policies, weak property rights, and inefficiencies within the legal and regulatory systems have continued to stifle Nigeriaβs competitiveness.
They noted that despite its vast resources and large market, the countryβs restrictive environment for businesses and investors has pushed it to the bottom tier of global trade rankings.Participants stressed the urgent need for reforms that would dismantle bureaucratic hurdles, strengthen the rule of law, and open up trade opportunities to boost Nigeriaβs economy.
They further warned that without bold policy actions, the nation risks falling further behind its peers in Africa and across the world, making economic recovery and diversification even more difficult.