THE Federal Government has gazetted and transmitted the Economic Community of West African States (ECOWAS) schedule of tariff offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA).

The Minister of Industry, Trade and Investment, Jumoke Oduwole, made this known in a statement on Tuesday, April 15.

The gazetting of the ECOWAS tariff came ahead of the 16th meeting of the AfCFTA Council of Ministers (COM) responsible for trade, held in Kinshasa, DRC, on Tuesday.

Oduwole noted that the 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 move under the AfCFTA framework will strengthen Nigeria’s role in shaping the future of intra-African trade and boosting export
competitiveness.

It will further enable the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters, the minister pointed out.

“Implications of Nigeria’s ECOWAS Tariff offer the gazetting of the schedule of tariff concessions is expected to yield significant benefits,” she stressed.

Oduwole highlighted the benefits to include boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties

Other include supporting Nigerian Small and Medium Enterprises (SMEs) by lowering costs and encouraging market expansion.

She said Nigeria’s commitment to AfCFTA implementation makes it an attractive destination for foreign and intra-African investment, reinforcing the country’s role as a trade hub in West Africa.

She stated, however, that stronger engagement was required from African trade ministers to address seemingly 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,” Oduwole said.

She believes this milestone will enable Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade.

It will also underscore the country’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.

”This is to ensure that Nigerian goods can access other markets competitively and profitably. As a result, other AfCFTA State Parties can now accept consignments from Nigeria under the Agreement,” she said.

The minister noted also that 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 (0 per cent) effectively immediately under AfCFTA, applying a 20 per cent
reduction annually.

The ICIR reports that the gazetting follows the AfCFTA digital trade mandate announced in February in Addis Ababa.

There have been concerns about the full implementation of the AfCFTA, which started on January 1, 2021, particularly on trade facilitation.

Stakeholders have gathered for the Afreximbank Annual Meetings (AAM2023) in June 2023, calling for more intra-African trade synergy.

Against the backdrop of this call, the national president of the Association of Micro Entrepreneurs of Nigeria (AMEN), Saviour Iche, told The ICIR then that “the AfCFTA has not worked.”

Iche, who produces cosmetics, had lamented on trade restrictions in taking products from Nigeria to Togo, Ghana and other neighbouring countries, stressing that it was easier for manufacturers to carry goods to China than to neighbouring African countries.