The Nigerian government has officially signed the schedule of tariff offers by the Economic Community of West African States (ECOWAS), a West African bloc, placing a waiver on 90 percent of goods traded within Africa, a senior official said Tuesday.
Jumoke Oduwole, minister of industry, trade, and investment, said in a statement that the agreement establishes zero duties on 90 percent of tariff lines for trade in goods under the African Continental Free Trade Area (AfCFTA), enhancing Nigeria’s market competitiveness and expanding trade opportunities across Africa, according to a Xinhua report.
She said this milestone in regional trade integration will enable Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade.
“Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability,” the minister said, confirming the signing of the ECOWAS schedule of tariff offers by President Bola Tinubu to reinforce the West African country’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,” Oduwole said.
She noted that the development is expected to yield significant benefits, enabling the seamless shipment of goods to and from Nigeria and unlocking new opportunities for businesses, manufacturers, and exporters, which will boost economic growth and job creation by reducing trade barriers and strengthening regional integration through enhanced economic ties.
It will also support Nigerian small and medium enterprises by lowering costs and encouraging market expansion, she said.