Nigeria has officially gazetted and transmitted to the AfCFTA Secretariat, the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA), ahead of the 16th meeting of the AfCFTA Council of Ministers (COM) responsible for Trade holding in Kinshasa DRC on April 15, marking a significant milestone in regional trade integration. This Agreement establishes zero duties on 90% 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.

Signed by President Bola Ahmed Tinubu, the ECOWAS Schedule of Tariff Offers reinforces Nigeria?s commitment to regional trade expansion. This step under the AfCFTA framework strengthens Nigeria's role in shaping the future of intra-African trade and boosting export competitiveness. Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.

Implications of Nigeria's ECOWAS Tariff Offer

The gazetting of the Schedule of Tariff Concessions is 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. Furthermore, 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 Minsters to address other types of barriers, including non-tariff barriers that could hinder market access. Additionally, improving productive capacity and ensuring compliance with international standards remain imperative to maximize the benefits of AfCFTA.

"Nigeria is Open for Business"

According to the Honourble Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole MFR:

"The gazetting and transmission of the ECOWAS Schedule of Tariffs to the AfCFTA Secretariat signals Nigeria's readiness for trade under the Agreement. This milestone enables Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade, and underscores Nigeria?s dedication to leveraging Africa?s single market for economic transformation. After initiating its first shipment under AfCFTA in July 2024, Nigeria has now 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 a 10-year period beginning in 2021:

By 2025, the fifth year of AfCFTA implementation, a 50% tariff reduction on NGN should immediately affect goods in trade with least developed countries in Africa, implemented at a rate of 10% per year.
For trade with developing countries on the continent, Nigeria retains the flexibility of complete tariff elimination (0%) effectively immediately under AfCFTA, applying a 20% reduction annually.

The gazetting announcement follows the AfCFTA digital trade mandate announced in February in Addis Ababa, where President Bola Ahmed Tinubu GCFR received a personal commendation for his work on Digital trade, further reinforcing the country?s commitment to regional and continental trade integration. As Digital Trade co-Champion, Nigeria is advancing seamless trade facilitation and cross-border commerce, ensuring that businesses?especially SMEs?can fully benefit from AfCFTA?s framework.

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