“This step under the AfCFTA framework strengthens Nigeria’s role in shaping the future of intra-African trade and boosting export competitiveness,” said the minister.
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 to its secretariat.
This was disclosed in a statement by Jumoke Oduwole, the minister of industry, trade and investment, on Tuesday in Abuja.
Ms Oduwole said that the move was ahead of the 16th meeting of the AfCFTA Council of Ministers 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 export 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 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 support Nigerian small and medium enterprises 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 Minsters 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,” the minister explained.
Ms Oduwole said 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, according to the minister.
(NAN)