- Nigeria signed the Economic Community of West African States (ECOWAS) schedule of tariff offers to waive taxes on 90 per cent of goods traded in Africa
- This makes Nigeria the 23rd African Continental Free Trade Area state to gazette its Provisional Schedule of Tariff Concessions
- Nigeria’s Trade Minister said the tariff schedule would expand Nigeria’s access to the African market
Nigeria has gazetted and transmitted its Economic Community of West African States (ECOWAS) schedule of tariff offers for goods traded in Africa to the African Continental Free Trade Area (AfCFTA) secretariat.
The gazetted trade commitment provides clarity and certainty for traders and confirms that Nigeria will grant preferential tariff treatment to eligible goods upon importation, in line with its commitments under the AfCFTA agreement.
The latest trade commitment, which establishes zero duties on 90 per cent of goods traded within Africa, was announced by the Minister of Industry, Trade and Investment, Jumoke Oduwole, via her official X page on Monday, April 14.
The minister said the submission of the ECOWAS tariff order was made at the AfCFTA Council of Ministers meeting in Kinshasa, making Nigeria the 23rd AfCFTA state party to gazette its Provisional Schedule of Tariff Concessions (PSTCs).
Oduwole said the development marks a milestone in Nigeria’s implementation of the AfCFTA agreement and demonstrates its readiness to participate fully in intra-African trade.
“As Nigeria commences its 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 — and we celebrate that feat by supporting them as a government, including through the implementation of the tariff gazetting for our AfCFTA schedules.
“We welcome other businesses and entrepreneurs into our one market, and we also look forward to gracing the shores of many other countries with our proudly Nigerian products,” she said.
Minister says tariff schedule to expand Nigeria’s access to African market
The Trade Minister further stated that the signing of the tariff schedule has a broader impact on Nigerian businesses, particularly Micro, Small, and Medium Entrepreneurs (MSMEs), youth-led, and women-led enterprises.
She said the agreement offers businesses the opportunity to expand beyond Nigeria’s borders and access the wider African market while earning foreign exchange.
Oduwole said, “What does AfCFTA mean to the Nigerian economy? It’s an opportunity for our hardworking entrepreneurs to take their goods out of Nigeria and earn much-needed foreign exchange.
“It’s an economy to expand businesses for our MSMEs, for our women-led businesses, for our youth-led businesses to trade with other Africans across the continent.
“It’s an economy for us to come together; a market of 1.4 billion people with a value of $3.4 trillion economy and really the largest free trade zone in the world.
“We congratulate Africans on this landmark feat. We continue to lead the world in digital trade framework. We continue to play where Africans and Nigerians are competitive in terms of services, trade in services, and trade in goods.
“We continue to harness and keep value within our continent to ensure prosperity for African people. It’s a partnership. Everybody has something to gain. And we look forward to shared prosperity across the African continent.”
Trade Minister vows to address Nigeria’s export challenges come 2025
Meanwhile, TheRadar earlier reported that the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, promised to address challenges faced by exporters through targeted policies by 2025.
Oduwole made the promise on Tuesday, November 26, after hearing concerns by exporters during an interactive session at the Ministerial Export Consultation held at the Civic Centre, Victoria Island, Lagos.
