Nigeria on Monday, 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.
The move came ahead of the 16th meeting of the AfCFTA Council of Ministers (COM), which is being held today in Kinshasa, Democratic Republic of Congo (DRC).
The development marked a crucial milestone in regional trade integration amid the current global trade war initiated by the United States President Donald Trump.
The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, said the gazetting and transmission of tariffs to the Secretariat signified the country’s readiness for trade under the agreement.
In a statement issued by the Director, Press and Public Relations in the ministry, Dr. Adebayo Thomas, the minister noted that the milestone would enable Nigerian exporters leverage preferential tariff access across African markets, positioning the country as a key player in regional and global trade.
Oduwole further noted that the development underscored Nigeria’s dedication to leveraging Africa’s single market for economic transformation.
The AfCFTA 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.
Essentially, 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 the country’s commitment to regional trade expansion, strengthening its role in shaping the future of intra-African trade and boosting export competitiveness under the AfCFTA framework.
Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.
Moreover, the gazetting of the Schedule of Tariff Concessions was expected to yield significant benefits, including boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties, and supporting Nigerian SMEs by lowering costs and encouraging market expansion.
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.
In addition, improving productive capacity and ensuring compliance with international standards remain imperative to maximise the benefits of the agreement.
In July 2024, Nigeria solidified its leadership in regional trade and integration with the formal gazetting of the Schedule of Tariffs for Trade in Goods to ensure 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 (zero 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, where Tinubu received a personal commendation for his work on digital trade, further reinforcing the country’s commitment to regional and continental trade integration.
The statement added that as a digital trade co-champion, the country was advancing seamless trade facilitation and cross-border commerce, ensuring businesses, especially SMEs, can fully benefit from the AfCFTA framework.
James Emejo and Oluchi Chibuzor
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