Federal Government Gazettes ECOWAS Tariff Schedule, Advances AfCFTA Implementation

Federal Government Gazettes ECOWAS Tariff Schedule, Advances AfCFTA Implementation

The Federal Government of Nigeria has formally gazetted and transmitted the ECOWAS Schedule of Tariff Offers under the African Continental Free Trade Area (AfCFTA) agreement to the AfCFTA Secretariat, marking a pivotal step in the country’s trade integration efforts.

This development was disclosed in a statement issued in Abuja on Tuesday by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, ahead of the 16th AfCFTA Council of Ministers meeting on trade, taking place in Kinshasa, Democratic Republic of Congo…READ MORE…

According to the Minister, the gazetted tariff schedule facilitates the implementation of zero duties on 90% of tariff lines for goods traded within the African continent. This measure is expected to significantly enhance Nigeria’s competitiveness and broaden access to markets across Africa.

“President Bola Tinubu’s signing of the ECOWAS Schedule of Tariff Offers underscores Nigeria’s commitment to deepening regional trade and fostering economic growth,” Oduwole stated.

She noted that this move strengthens Nigeria’s position as a key player in shaping the future of intra-African trade, while improving the country’s ability to export goods efficiently and profitably. The initiative also creates greater market access for Nigerian businesses, particularly small and medium-sized enterprises (SMEs).

Dr. Oduwole outlined several expected benefits, including accelerated economic growth, job creation, and enhanced regional integration. Lower trade barriers will help reduce costs for SMEs and support their expansion into new markets. Furthermore, Nigeria’s dedication to AfCFTA implementation positions it as a strategic hub for foreign and intra-African investment.

However, the Minister emphasized the need for further action by African trade ministers to address non-tariff barriers and strengthen productive capacities. Compliance with international standards, she said, remains vital for realizing the full benefits of the AfCFTA.

“Nigeria is open for business,” she declared, noting that the gazetting of the tariff schedule signals the country’s readiness to engage fully under the AfCFTA agreement.

She added that Nigerian exporters now have the opportunity to benefit from preferential tariff access across African markets, reinforcing Nigeria’s leadership in continental trade.

Following its first official shipment under AfCFTA in July 2024, Nigeria has now solidified its commitment to regional economic transformation through the formalization of its tariff commitments.

“This reciprocal trade framework is in line with the African Union’s 35th Ordinary Session directive, enabling other AfCFTA State Parties to receive Nigerian goods under the agreement,” Oduwole explained.

Under Nigeria’s phased approach to tariff liberalization, a 50% reduction on designated goods—targeting least developed countries—will be in effect by 2025, with an annual 10% reduction starting from 2021. For trade with developing countries, Nigeria is adopting an accelerated schedule, implementing a 20% annual tariff cut, reaching full elimination sooner.

The announcement also follows the digital trade mandate unveiled at the AU Summit in Addis Ababa earlier this year. President Tinubu received commendation for Nigeria’s leadership in digital trade, reinforcing the country’s strategic role in promoting seamless cross-border commerce.

As a digital trade co-champion under AfCFTA, Nigeria is paving the way for greater business participation in regional markets, with a focus on empowering SMEs through simplified trade processes.