{"id":117404,"date":"2025-04-15T13:29:56","date_gmt":"2025-04-15T12:29:56","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117404"},"modified":"2025-04-15T13:29:56","modified_gmt":"2025-04-15T12:29:56","slug":"afcfta-nigeria-set-to-start-formal-trading-tuesday","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/afcfta-nigeria-set-to-start-formal-trading-tuesday\/","title":{"rendered":"AfCFTA: Nigeria Set to Start Formal Trading Tuesday"},"content":{"rendered":"<div id=\"m#msg-f:1829445777991205201\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Daniel Adaji<\/div>\n<div id=\"m#msg-f:1829445777991205201-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div><\/div>\n<div>Nigeria will formally commence trading under the African Continental Free Trade Area (AfCFTA) framework on Tuesday (today) following the official gazetting and transmission of its ECOWAS Schedule of Tariff Offers to the AfCFTA Secretariat.<\/div>\n<div><\/div>\n<div>This step signifies Nigeria\u2019s full entry into the continental free trade agreement, just ahead of the 16th Council of Ministers Meeting on Trade scheduled for April 15 in Kinshasa, Democratic Republic of Congo.<\/div>\n<div><\/div>\n<div>Signed by President Bola Tinubu on Monday, the approved Schedule paves the way for zero tariffs on 90 per cent of goods traded across the continent.<\/div>\n<div><\/div>\n<div>It marks a major push toward regional integration, export-led growth, and economic transformation through improved access to African markets.<\/div>\n<div><\/div>\n<div>According to the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, \u201cThe gazetting and transmission of the ECOWAS Schedule of Tariffs to the AfCFTA Secretariat signals Nigeria\u2019s readiness for trade under the Agreement.\u201d<\/div>\n<div><\/div>\n<div>She adds, \u201cThis milestone enables Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade.\u201d<\/div>\n<div><\/div>\n<div>Nigeria had already shipped goods under AfCFTA in July 2024. However, this formal documentation is what fully activates Nigeria&#8217;s obligations and benefits under the agreement. It also sends a clear message of commitment to both regional partners and global investors.<\/div>\n<div><\/div>\n<div>Beyond diplomacy, the impact on local businesses and the broader economy is expected to be substantial. The AfCFTA framework eliminates duties on 90 per cent of tariff lines, which is anticipated to boost the competitiveness of Nigerian goods in Africa, lower trade barriers offer opportunities for small and medium enterprises to scale as well as increase domestic job opportunities and investor interest.<\/div>\n<div><\/div>\n<div>Nigeria\u2019s engagement strengthens its position in shaping economic policy across Africa.<\/div>\n<div><\/div>\n<div><\/div>\n<div>The tariff liberalization will roll out gradually, based on a 10-year phase-in schedule that began in 2021.<\/div>\n<div><\/div>\n<div>For goods traded with least developed African countries, Nigeria is reducing tariffs by 10 per cent annually, aiming for a 50 per cent cut by 2025. In trade with other developing countries on the continent, the agreement allows immediate tariff elimination, with a 20 per cent yearly reduction applied.<\/div>\n<div><\/div>\n<div>This approach aligns with decisions taken at the African Union\u2019s 35th Ordinary Session in 2022, where leaders endorsed flexibility in implementation for member states.<\/div>\n<div><\/div>\n<div>Nigeria\u2019s entry into AfCFTA also complements its ambition to lead in digital trade.<\/div>\n<div><\/div>\n<div>In February, President Tinubu was praised for promoting AfCFTA\u2019s digital trade agenda, which aims to simplify cross-border e-commerce and digital payments across Africa.<\/div>\n<div id=\"m_-3412112760070126370ymail_android_signature\"><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji Nigeria will formally commence trading under the African Continental Free Trade Area (AfCFTA) framework on Tuesday (today) following the official gazetting and transmission of its ECOWAS Schedule of&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":117405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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