Nigeria Signs on AfCFTA Tariffs
Nigeria has gazetted its Provisional Schedule of Tariff Concessions (PSTCs) under the African Continental Free Trade Area (AfCFTA), marking a major milestone in the country’s commitment to regional integration and trade facilitation across Africa.
Announced by the Minister of Industry, Trade and Investment, Jumoke Oduwole, via her official X handle yesterday, the development makes Nigeria the 23rd AfCFTA State Party to formally gazette its PSTCs.
The move enhances regulatory transparency and provides businesses with clear guidelines on import duty concessions.
“What does it mean to gazette or domesticate a trade commitment? It is an official announcement that enhances transparency, ensuring that businesses, organisations, and citizens are informed of new regulations coming into force,” Oduwole explained.
Describing the milestone as a “Big Win for Nigerian Trade,” Oduwole revealed that Nigeria also officially signed and submitted the ECOWAS Tariff Offer at the recent AfCFTA Council of Ministers meeting in Kinshasa, Democratic Republic of Congo.
The tariff offer establishes zero duties on 90 per cent of goods traded within Africa; positioning Nigeria as a key player in the continent’s evolving economic landscape.
“President Bola Tinubu signed the ECOWAS Schedule of Tariff Offers and this strengthens our role in shaping the future of African trade and unlocks new opportunities for businesses and exporters,” she stated.
The gazetting signals Nigeria’s readiness to implement the AfCFTA Agreement fully. According to Oduwole, “This marks a key step towards the full implementation of the AfCFTA Agreement. For traders, this provides clarity and certainty, confirming that Nigeria will grant preferential tariff treatment to eligible goods upon importation, in line with its commitments under the AfCFTA Agreement.”
The minister also used the opportunity to call on Nigeria’s digital service providers to tap into the evolving opportunities under the trade pact.
“As Nigeria leads Africa’s digital trade revolution under the AfCFTA, we’re gathering insights on your services and target markets across the continent,” she said.
Reflecting on the nation’s five-year journey since ratifying the AfCFTA, Oduwole commended the drive of local entrepreneurs and underscored government support for expanding market access.
“What is clear is that Nigerian entrepreneurs are more than ready to take on the challenge to move across borders. To celebrate that feat, we’re supporting them as a government with everything needed, including the implementation of the tariff gazetting for our AfCFTA schedules.”
She added: “I’d like to congratulate the Nigerian economy for this landmark achievement. Yes, we congratulate ourselves as we welcome other businesses and other entrepreneurs into our one market. And we also look forward to gracing the shores of many other countries with our proudly Nigerian products.”
Oduwole emphasised that the AfCFTA presents a rare opportunity to scale up foreign exchange earnings and expand the reach of Micro, Small and Medium Enterprises (MSMEs), especially those led by women and youth.
“It’s an opportunity for our hardworking entrepreneurs to take their goods out of Nigeria and earn much-needed foreign exchange. It’s an economy to expand businesses for our MSMEs, for our women-led businesses, for our youth-led businesses to trade with other Africans across the continent,” she noted.
Highlighting the broader impact of the trade pact, she noted that AfCFTA unites a market of 1.4 billion people with a collective GDP of $3.4 trillion; making it the largest free trade zone in the world.
“We congratulate Africans on this landmark feat. We continue to lead the world in the digital trade framework. We continue to play where Africans and Nigerians are competitive in terms of services, trading services and trading goods. 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 concluded.
SOURCE: The Nation
