Jul 31, 2026

Okonjo-Iweala Hails Global Trade Resilience at SSK Anniversary

By Afolabi Olaiya Idowu in news

👁️ loading views...

Lagos, Nigeria – July 31, 2026— World Trade Organisation Director-General Ngozi Okonjo-Iweala has praised the resilience of global trade, declaring that the bulk of international commerce has continued despite the ongoing tripartite conflict involving Iran, Israel and the United States.

She made the remarks during a fireside chat at the 20th anniversary celebration of Streamsowers & Köhn (SSK), a leading Nigerian commercial law firm specializing in corporate advisory, dispute resolution, and energy law, held in Lagos on Thursday.

Trade Holds Firm Amid Global Shocks

Addressing the theme “Nigeria’s Path to Economic Resilience & Investment Leadership in a Volatile Global Environment,” Okonjo-Iweala congratulated the firm’s partners and staff before turning to the state of world trade.

“I can tell you that in spite of all these disruptions, global trade has been very resilient,” she said. “Seventy-two percent of world trade still goes on on WTO terms and people are shocked when I say that.”

She explained that the figure is calculated using a consistent WTO methodology and shows that countries—particularly middle powers such as Australia, Singapore, New Zealand, and the United Kingdom—continue to see greater benefit in rules-based trade than in open confrontation.

Warning Against Tit-for-Tat Trade Wars

Okonjo-Iweala reiterated the WTO’s long-standing advice against reciprocal tariffs and trade conflicts, especially in the context of U.S. President Donald Trump’s global tariff measures.

“My advice and our advice from the WTO to the members: don’t do tit-for-tat,” she said. “Even when the US and China started, our plea to both of them was, it’s bigger than you. If you continue this tit-for-tat, world trade will fragment even more.”

She warned that weaker economies would be forced to choose sides, further fragmenting the global trading system.

Building a Firm That Outlives Its Founders

The three founding partners of Streamsowers & Köhn—Kemela Okara, Etigwe Uwa (SAN), and Chiagozie Hilary-Nwokonko—reflected on two decades of partnership built on trust, integrity, and deliberate succession planning.

Okara likened partnership to “marriage without necessarily the natural affection,” stressing that a bond of brotherhood had endured disagreements.

Hilary-Nwokonko highlighted the firm’s philosophy of lawyers as mediators, while Uwa, a Senior Advocate of Nigeria, said the goal from the outset was to create an institution that would outlive its founders through mentoring and shared values.

The firm has grown from three partners to nine, with more than 70 lawyers and three Senior Advocates of Nigeria.

Looking Ahead for Nigeria

In her keynote address, former NIPC chief executive Yewande Sadiku reviewed Nigeria’s economic journey over the past 20 years, drawing parallels between past banking consolidation and current reforms.

She noted the country’s recent return to the FTSE Russell frontier market status and an upgrade in its international rating as signs of progress under ongoing policy efforts.

The anniversary event also featured the presentation of awards to finalists of the SSK Moot Competition, which drew participants from more than 15 universities across Nigeria’s six geopolitical zones.

As global tensions continue to test the international trading system, Okonjo-Iweala’s message was clear: rules-based commerce has so far proven more durable than many expected — and remains essential for economies seeking resilience and investment leadership in uncertain times.