The Federal Government has officially gazetted and transmitted the ECOWAS schedule of tariff offers for trade in goods under the African Continental Free Trade Area (AfCFTA) to its secretariat.
This is contained in a statement by Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, on Tuesday in Abuja.
Oduwole said that the move was ahead of the 16th meeting of the AfCFTA Council of Ministers (COM) responsible for trade, holding in Kinshasa, DRC, on Tuesday, marking a significant milestone in regional trade integration.
According to her, this agreement establishes zero duties on 90 per cent of tariff lines for trade in goods, enhancing Nigeria’s market competitiveness and expanding trade opportunities across Africa.
“Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability.
“President Bola Tinubu signed the ECOWAS Schedule of Tariff Offers, which reinforces Nigeria’s commitment to regional trade expansion.
“This step under the AfCFTA framework strengthens Nigeria’s role in shaping the future of intra-African trade and boosting exports.
competitiveness.
“Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.
“Implications of Nigeria’s ECOWAS Tariff offer the gazetting of the schedule of tariff concessions is expected to yield significant benefits,” she said.
The minister said that the benefits included boosting economic growth and job creation by reducing trade barriers and strengthening regional integration and trade relations through enhanced economic ties.
She added that it would also support Nigerian Small and Medium Enterprises (SMEs) by lowering costs and encouraging market expansion.
“Furthermore, Nigeria’s commitment to AfCFTA implementation makes it an attractive destination for foreign and intra-African investment, reinforcing its role as a trade hub in West Africa.
“However, stronger engagement is required from African trade ministers to address other types of barriers, including non-tariff barriers that could hinder market access.
“Additionally, improving productive capacity and ensuring compliance with international standards remain imperative to maximise the benefits of the AfCFTA.
“Nigeria is open for business.
“The gazetting and transmission of the ECOWAS schedule of tariffs to the AfCFTA Secretariat signals Nigeria’s readiness for trade under the agreement.
Oduwole said that the milestone would enable Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade.
She added that the development would also underscore 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.
”This is to ensure that Nigerian goods can access other markets competitively and profitably.”
“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.
“Under its preferred classification, Nigeria’s tariff reductions for trade in goods follow a phased approach over 10 years beginning in 2021.
“By 2025, the fifth year of AfCFTA implementation, a 50 per cent tariff reduction on NGN, implemented at a rate of 10 per cent per year, should immediately affect goods in trade with least developed countries in Africa.
“For trade with developing countries on the continent, Nigeria retains the flexibility of complete tariff elimination (0 per cent) effectively immediately under AfCFTA, applying a 20 per cent
reduction annually.
“The gazetting announcement follows the AfCFTA digital trade mandate announced in February in Addis Ababa.
“The president, however, received a commendation for his work on digital trade, further reinforcing the country’s commitment to regional and continental trade integration.
“As a digital trade co-champion, Nigeria is advancing seamless trade facilitation and cross-border commerce, ensuring businesses, especially SMEs, can fully benefit from AfCFTA’s framework,” she said. (NAN)
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