Nigeria Ratifies 90% Duty Waiver on Imports under AfCFTA to Crash Costs

• The Nigerian government has officially signed and submitted its ECOWAS Tariff Offer to the AfCFTA to establish zero import duties of 90%
• The AfCFTA Council of Ministers announced the development in a meeting in Kinshasa, Congo, DRC
• Nigeria’s minister of Trade, Industry and Investment, Jumoke Oduwole, described the move as an epoch-making moment for the country

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government has officially signed, ratified and submitted its ECOWAS Tariff Offer to the African Continental Free Trade Area (AfCFTA), establishing zero import duties of 90% within Africa.

The critical step by Nigeria was announced at the AfCFTA Council of Ministers meeting in Kinshasa, Congo, reflecting the country’s interest in intra-African trade integration.

FG signs AfCFTA to boost trade

President Bola Tinubu endorsed the ECOWAS Schedule on tariff offers for Nigeria, which shows Nigeria’s plan to lead the continent’s trade future.

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The Nigerian government disclosed that the move boosts the country’s role in shaping the future of African trade and unlocking new opportunities for businesses.

BusinessDay reports that the Minister of Industry, Trade and Investment, Jumoke Oduwole, described the submission as a show of confidence in Nigeria’s entrepreneurial capacity.

FG outlines benefits of deal for Nigerians

The minister said in a post on X that the country has been reflecting on the journey to signing the essential agreement.

According to her, the government is actively supporting partnerships with Nigerian businesses to grow regional supply.

She welcomed other businesses and entrepreneurs into one market, stating that Nigeria looks forward to receiving products from other African countries.

The trade minister commended the resilience of local entrepreneurs, saying their spirits, adventurous quest, hard work and tenacity would ensure the AfCFTA’s success.

The AfCFTA is regarded as the world’s largest free trade zone, connecting 54 African countries to one market of 1.4 billion people, with a combined GDP of $3.4 trillion, opening new possibilities for Nigeria.

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Deal presents opportunity for Nigerians

Oduwole said the deal presents an opportunity for entrepreneurs to export their goods outside the country and earn FX, expand businesses for SMEs, women-owned businesses, and for youth-led enterprises to trade with other Africans.

She highlighted Nigeria’s growing leadership in digital trade and services, stating that the country continues to lead the world in digital trade framework, harnessing and keeping value within the continent to ensure prosperity for Africans.

Experts say the development will give fresh impetus to Nigeria’s exporters amid currency instability and rising demand for FX.

They say by eliminating tariffs on the bulk of goods traded on the continent’s borders, Nigeria stands to benefit, tap into wider markets and drive the industrial revolution.

As AfCFTA implementation gains traction, officials are optimistic about shared prosperity on the continent. “It’s a partnership,” Oduwole said. 

FG establishes duty-free window

The development came several months after the Nigerian government established a 150-day import duty-free window for essential food items.

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Analysts have said the policy helped to crash food prices, especially staples like rice, which fell by N20,000 per 50kg bag.

Before the current inflation rate, the National Bureau of Statistics (NBS) reported a drop in food inflation in its rebased inflation data for February 2025.

Nigerian manufacturers lament N1.4trn unsold goods

Legit.ng earlier reported that Nigerian manufacturers expressed concern over the deteriorating macroeconomic conditions and the growing inflationary pressures in Nigeria, which led to an unsold inventory worth N1.4 trillion by December 2024.

The president of the Manufacturers Association of Nigeria, Francis Meshioye, noted that the situation worsened from the N1.24 trillion unsold inventory by the end of June 2024, rising by 13% to N1.4 trillion.

He noted that the manufacturing sector was the worst hit by the current economic headwinds, and its growth has been severely impacted by economic challenges and other infrastructural issues that the Nigerian business environment presents.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng