Omotayo Adigun
Nigeria has formally submitted its ECOWAS Tariff Offer to the African Continental Free Trade Area (AfCFTA) Secretariat, a significant move establishing zero duties on 90 percent of goods traded within the continent under the agreement’s framework.
This milestone action, announced during the recent AfCFTA Council of Ministers meeting in Kinshasa, Democratic Republic of Congo, underscores Nigeria’s strong commitment to enhancing intra-African trade integration.
The ECOWAS Schedule of Tariff Offers received official endorsement from President Bola Tinubu on behalf of Nigeria. Government officials state this move signals the nation’s ambition to play a leading role in shaping the future of trade across Africa.
“This strengthens our role in shaping the future of African trade and unlocks new opportunities for businesses and exporters,” a government statement confirmed following the submission.
Jumoke Oduwole, Minister of Industry, Trade and Investment, highlighted the submission as a demonstration of confidence in the nation’s entrepreneurial capabilities. Reflecting on five years of AfCFTA implementation review, Oduwole stated via social media platform X, “What is clear is that Nigerian entrepreneurs are more than ready to take on the challenge to move across borders.”
The Minister emphasized ongoing government efforts to foster collaboration with Nigerian businesses to expand regional supply chains.
“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,” she added, praising the “indefatigable spirit,” “adventurous spirit,” and “hardworking tenacity” of local entrepreneurs in fulfilling the AfCFTA’s promise.
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The AfCFTA represents the world’s largest free trade zone, encompassing 54 African nations, a single market of 1.4 billion people, and a combined GDP of approximately $3.4 trillion. For Nigeria, participation offers substantial economic possibilities. Minister Oduwole noted it presents “an opportunity for our hard working entrepreneurs to take their goods out of Nigeria and earn much needed foreign exchange,” and facilitates business expansion for Micro, Small, and Medium Enterprises (MSMEs), including those led by women and youth, across the continent.
Furthermore, Oduwole pointed to Nigeria’s developing strengths in digital trade and services, stating, “we continue to lead the world in digital trade framework… and harness and keep value within our continent to ensure prosperity for African people.”
This development is anticipated to provide significant impetus to Nigerian exporters, particularly as the country navigates challenges related to currency instability and heightened demand for foreign currency. By committing to eliminate tariffs on the vast majority of goods traded across African borders, Nigeria strategically positions itself to access broader markets and stimulate industrial development.
As the implementation of AfCFTA progresses, Nigerian officials express optimism about the potential for shared prosperity throughout Africa. “It’s a partnership,” Minister Oduwole concluded. “Everybody has something to gain.”