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Reinforcing Nigeria's commitment to expanding regional trade, President Bola Tinubu signed the Economic Community of West African States (ECOWAS) Schedule of Tariff Offers yesterday, which sets zero duties on 90 percent of goods traded within Africa.
This move will boost Nigeria's competitive edge in the market and create more trade opportunities across the continent, enabling Nigerian products to be favorably positioned in the African market while enhancing business accessibility and profitability.
During the AfCFTA Council of Ministers meeting held in Kinshasa, Democratic Republic of Congo, the President formally signed and submitted the ECOWAS Tariff Offer, bolstering Nigeria's influence in shaping the future of African trade and opening new avenues for businesses and exporters.
Nigeria also officially gazetted its AfCFTA Provisional Schedule of Tariff Concessions (PSTCs) at the meeting, becoming the 23rd state party to comply with AfCFTA regulations.
This step will improve transparency, ensuring that businesses, organizations, and the public are informed of upcoming regulations and marking a significant advancement toward the full execution of the AfCFTA agreement. For traders, this development adds clarity and certainty, confirming that Nigeria will provide preferential tariff treatment to all eligible imports, aligning with its commitments to the AfCFTA agreement.
The gazetting of the Schedule of Tariff Concessions is anticipated to bring substantial benefits, such as driving economic growth and job creation by lowering trade barriers, enhancing regional integration and trade relations through stronger economic connections, and supporting Small and Medium-sized Enterprises (SMEs) by decreasing costs and fostering market growth.
Federal Minister of Industry, Trade, and Investment (FMITI), Dr. Jumoke Oduwole, hailed this progress as a major victory for Nigerian businesses.
She noted that as Nigeria embarks on its five-year AfCFTA implementation review, it has reflected on the journey thus far, emphasizing that Nigerian entrepreneurs are poised to embrace cross-border challenges. To celebrate this accomplishment, the government is committed to providing necessary support, including the tariff gazetting for AfCFTA schedules.
"The gazetting and transmission of the ECOWAS Schedule of Tariffs to the AfCFTA Secretariat demonstrates Nigeria's readiness for trade under the agreement.
This accomplishment allows Nigerian exporters to take advantage of preferential tariff access in African markets, positioning Nigeria as a significant player in both regional and global trade, and highlights Nigeria's commitment to utilizing Africa's single market for economic transformation.
Following its first shipment under the AfCFTA in July 2024, Nigeria has solidified its leadership in regional trade and integration with the official gazetting of the Trade in Goods Tariff Schedule, ensuring Nigerian goods can competitively and profitably access other markets," she stated.
She welcomed other businesses and entrepreneurs into the market and explained that the AfCFTA agreement presents an opportunity for Nigerian entrepreneurs to sell their products outside the country and generate essential foreign exchange.
This reciprocal trade arrangement follows the directive of the 35th Ordinary Session of the Assembly of Heads of State and Government of the African Union in February 2022, enabling other AfCFTA state parties to receive consignments from Nigeria under the agreement.
