Nigeria To Leverage AfCFTA’s Tariff Concession In Regional Trade

Nigeria, a member of the Economic Community of West African States (ECOWAS) is poised to deepen its hold of regional trade using tariff concession offers.

This follows the official gazetting and transmission of a schedule of applicable tariffs for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the Secretariat.

The main advantage of the schedule is zero duties of up to 90% of tariff lines under AfCFTA.

A dominant partner in trade within the west coast of Africa, the coming on stream of this,  concession offers would bolster the country’s economy enabling its close trade partners to also benefit.

The gazetting of the Schedule is a formalisation of the protocol for the implementation of zero duties on 90% of tariff lines under AfCFTA, which has been signed by the Nigerian president, Bola Tinubu.

“The gazetting and transmission of the ECOWAS Schedule of Tariffs to the AfCFTA Secretariat signals Nigeria’s readiness for trade under the Agreement”, Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has said adding:

“This milestone enables Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade.”

Nigeria first shipped goods under the AfCFTA framework in July 2024.

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With formalisation of these tariff concession offers, the country is expected to accelerate its participation in the continental free trade agreement, expanding opportunities for businesses, manufacturers, and exporters.

Manufacturers are optimistic that now, the country could deepen its involvement in the subregion trade-wise, using that as a launch pad for increased involvement in global commerce.

They base their optimism on Nigeria’s burgeoning population, natural resources, abundance of raw materials and global diplomatic cloud.

The formalisation of the AfCFTA’s Tariff Concession is expected to enable it consolidate on those areas.