President Bola Tinubu has signed a major trade deal that will make it cheaper for Nigerian businesses to sell goods across Africa. Under the new ECOWAS agreement, 90% of products traded between African countries will now have zero taxes.
This change will help Nigerian traders compete better in African markets. It means Nigerian goods can be sold at lower prices, helping businesses make more profit while creating new opportunities across the continent.
At a meeting in Congo, Nigeria officially joined 22 other African countries in approving these new trade rules. The government has also published clear guidelines so businesses understand how the system works.
Key benefits include more jobs as trade becomes easier, stronger business links with neighbouring countries, and lower costs for small businesses wanting to grow.
Trade Minister Dr Jumoke Oduwole called this a big win for Nigerian companies.
She stated: “As Nigeria commences on our implementation review of five years of AfCFTA, we have been reflective on the journey so far. What is clear is that Nigerian entrepreneurs are more than ready to take on the challenge to move across borders. To celebrate this feat, we are supporting them as a government with everything needed, including the implementation of the tariff gazetting for our AfCFTA schedules.
“The gazetting and transmission of the ECOWAS Schedule of Tariffs to the AfCFTA Secretariat signals Nigeria’s readiness for trade under the agreement. This milestone enables Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade, and underscores Nigeria’s dedication to leveraging Africa’s single market for economic transformation.”
After initiating its first shipment under AfCFTA in July 2024, Nigeria has solidified its leadership in regional trade and integration with the formal gazetting of the Schedule of Tariffs for Trade in Goods, to ensure Nigerian goods can access other markets competitively and profitably.
The minister encouraged more Nigerian businesses to take advantage of this opportunity to sell goods across Africa and earn foreign exchange. These new rules follow decisions made by African leaders in 2022 and will make it easier for Nigerian products to enter other African markets.
Business owners have welcomed the changes, saying they will help grow Nigeria’s economy. The government will review the system regularly to ensure it continues to work well for everyone.
