Reinforcing Nigeria’s commitment to regional trade expansion, President Bola Tinubu, yesterday, signed the Economic Community of West African States (ECOWAS) Schedule of Tariff Offers, establishing zero duties on 90 per cent of goods traded within Africa.
This will enhance Nigeria’s market competitiveness and expand trade opportunities across Africa, as Nigerian goods are competitively positioned in the African market. It will also ensure greater business access and profitability.
At the AfCFTA Council of Ministers meeting in Kinshasa, Democratic Republic of Congo, the President officially signed and submitted the ECOWAS Tariff Offer, strengthening the country’s role in shaping the future of African trade and unlocking new opportunities for businesses and exporters.
At the meeting, Nigeria also gazetted its AfCFTA Provisional Schedule of Tariff Concessions (PSTCs), becoming the 23rd AfCFTA state party to comply. This will further enhance transparency while ensuring that businesses, organisations and citizens are informed of new regulations coming into force and mark a key step towards the full implementation of the AfCFTA agreement.
For traders, this provides clarity and certainty, confirming that Nigeria will grant preferential tariff treatment to all eligible goods upon importation, in line with its commitments under the AfCFTA agreement.
The gazetting of the Schedule of Tariff Concessions is expected to yield significant benefits, including boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties and supporting Small and Medium-sized Enterprises (SMEs) by lowering costs and encouraging market expansion.
In a statement yesterday, the Federal Minister of Industry, Trade and Investment (FMITI), Dr Jumoke Oduwole, described the development as a big win for Nigerian businesses.
She stated: “As Nigeria commences on our implementation review of five years of AfCFTA, we have been reflective on the journey so far. What is clear is that Nigerian entrepreneurs are more than ready to take on the challenge to move across borders. To celebrate this feat, we are supporting them as a government with everything needed, including the implementation of the tariff gazetting for our AfCFTA schedules.
“The gazetting and transmission of the ECOWAS Schedule of Tariffs to the AfCFTA Secretariat signals Nigeria’s readiness for trade under the agreement. This milestone enables Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade, and underscores Nigeria’s dedication to leveraging Africa’s single market for economic transformation. After initiating its first shipment under AfCFTA in July 2024, Nigeria has solidified its leadership in regional trade and integration with the formal gazetting of the Schedule of Tariffs for Trade in Goods to ensure Nigerian goods can access other markets competitively and profitably.”
Hailing the achievement, she welcomed other businesses and entrepreneurs into the market.
On what the AfCFTA agreement means to the Nigerian economy, she said it is an opportunity for Nigeria’s entrepreneurs to take their goods outside Nigeria and earn much-needed foreign exchange.
This reciprocal trade arrangement aligns with the directive of the 35th Ordinary Session of the Assembly of Heads of State and Government of the African Union in February 2022. As a result, other AfCFTA state parties can now accept consignments from Nigeria under the agreement.
Culled from The Guardian
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