Nigeria has approved and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the AfCFTA Secretariat.
This comes ahead of the 16th Council of Ministers Meeting on Trade, set for April 15 in Kinshasa, Democratic Republic of Congo, and represents a crucial advancement in Nigeria’s trade integration initiatives.
Also, new the tariff order lays the groundwork for the implementation of zero duties on 90% of tariff lines under AfCFTA, thereby enhancing the accessibility and competitiveness of Nigerian goods in African markets.
This initiative not only aligns with Nigeria’s regional trade obligations but also strengthens the nation’s strategic position in influencing the continent’s single market.
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It further illustrates Nigeria’s commitment to promoting export-driven growth, improving its trade balance, and attracting intra-African investments.
Signed by President Bola Ahmed Tinubu, the submission of the ECOWAS Tariff Schedule indicates Nigeria’s preparedness to engage in trade under AfCFTA’s preferential framework
The publication of the Tariff Schedule is expected to yield significant economic advantages such as trade integration, regional cooperation, job creation, SME growth and investment opportunities.
Enhanced trade relationships within ECOWAS and the wider AfCFTA regions will bolster Nigeria’s capacity to influence African economic policy.
