Tuesday, 15 April 2025 04:59

Nigeria implements key AfCFTA trade agreement, eliminating tariffs on 90% of African goods

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Nigeria has officially submitted its ECOWAS schedule of tariff offers to the African Continental Free Trade Area (AfCFTA) secretariat, marking a significant step in the country's participation in continental trade integration.

The newly gazetted trade commitment establishes zero-duty access for 90 percent of goods traded within Africa, a move that provides clarity and certainty for businesses engaging in cross-border commerce throughout the continent.

Industry, Trade and Investment Minister Jumoke Oduwole announced the development Monday on social media, confirming that Nigeria submitted the signed ECOWAS tariff offer during the AfCFTA ministerial meeting in Kinshasa.

"As Nigeria commences its implementation review of five years of AfCFTA, we have been reflective on the journey so far," Oduwole stated. "Nigerian entrepreneurs are more than ready to take on the challenge to move across borders—and we celebrate that feat by supporting them as a government."

The minister emphasized the agreement's substantial economic implications, noting that it opens access to a market of 1.4 billion people valued at $3.4 trillion—the world's largest free trade area. This represents a crucial opportunity for Nigerian businesses, particularly small and medium enterprises led by youth and women, to expand internationally and generate foreign exchange revenue.

"We continue to harness and keep value within our continent to ensure prosperity for African people. It's a partnership. Everybody has something to gain," she added.

With this submission, Nigeria becomes the 23rd AfCFTA member state to officially gazette its provisional schedule of tariff concessions, further strengthening the implementation of the continental trade framework.​​​​​​​​​​​​​​​​

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