Nigeria submits ECOWAS tariff schedule to AfCFTA

The Federal Government of Nigeria has officially gazetted and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area, AfCFTA, to the AfCFTA Secretariat.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the development on Tuesday in Abuja.

The move comes ahead of the 16th Meeting of the AfCFTA Council of Ministers responsible for trade, taking place in Kinshasa, Democratic Republic of Congo.

Describing it as a significant milestone in regional trade integration, Oduwole explained that the agreement establishes zero duties on 90 per cent of tariff lines for trade in goods, thereby enhancing Nigeria’s market competitiveness and expanding trade opportunities across the continent.

“Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability,” she said.

President Bola Ahmed Tinubu signed the ECOWAS Schedule of Tariff Offers, reaffirming Nigeria’s commitment to regional trade expansion under the AfCFTA framework.

This, Oduwole noted, strengthens Nigeria’s role in shaping the future of intra-African trade while boosting export competitiveness.

The minister highlighted that the gazetting would facilitate the seamless movement of goods to and from Nigeria, unlocking new prospects for businesses, manufacturers, and exporters.

She emphasized the potential benefits, including economic growth, job creation, strengthened regional integration, and reduced trade barriers.

Support for Nigerian Small and Medium Enterprises is also expected to improve, as reduced tariffs lower operating costs and encourage market expansion.

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Additionally, Oduwole pointed out that Nigeria’s active commitment to the AfCFTA makes it a more attractive destination for both foreign and intra-African investment, reinforcing its status as a leading trade hub in West Africa.

She, however, stressed the need for stronger engagement from African trade ministers to address non-tariff barriers that could hinder market access.

Enhancing productive capacity and ensuring compliance with international standards, she said, remain essential to fully reap the benefits of AfCFTA.

“Nigeria is open for business,” Oduwole declared. “The gazetting and transmission of the ECOWAS schedule to the AfCFTA Secretariat signals Nigeria’s readiness for trade under the agreement.”

She added that Nigerian exporters can now take advantage of preferential tariff access across African markets, positioning the country as a key player in both regional and global trade.

The development also underscores Nigeria’s commitment to leveraging Africa’s single market for economic transformation. Following its first AfCFTA-enabled shipment in July 2024, Nigeria has further solidified its leadership in regional trade through this formal action.

Under the agreement, Nigeria’s tariff reductions for trade in goods follow a phased approach over 10 years, beginning in 2021.

By 2025, the fifth year of implementation, a 50 per cent tariff reduction is expected on select goods, implemented at a 10 per cent annual rate for least developed countries.

For trade with developing African countries, Nigeria maintains flexibility to eliminate tariffs entirely, with a 20 per cent reduction applied annually.

The announcement also follows the February launch of the AfCFTA digital trade initiative in Addis Ababa, where Nigeria received commendation for its leadership role.

As a digital trade co-champion, the country is working to enhance seamless trade facilitation and cross-border commerce, ensuring that businesses—particularly SMEs—fully benefit from the AfCFTA framework.

NAN