Revealed: Why Nigeria signed the AfCFTA agreement on import waiver

• The Nigerian authorities has officially signed and submitted its ECOWAS Tariff Offer to the AfCFTA to found zero import duties of 90%
• The AfCFTA Council of Ministers announced the improvement successful a gathering successful Kinshasa, Congo, DRC
• Nigeria’s Minister of Minister of Trade, Industry and Investment, Jumoke Oduwole, described the determination arsenic an epoch-making infinitesimal for the country

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

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

The captious measurement by Nigeria was announced astatine the AfCFTA Council of Ministers gathering successful Kinshasa, Congo, reflecting the country’s involvement successful intra-African commercialized integration.

President Bola Tinubu endorses the AfCFTA statement connected duty-free imports successful Africa. Credit: State House.
Source: Facebook

FG signs AfCFTA to boost trade

President Bola Tinubu endorsed the ECOWAS Schedule connected tariff offers for Nigeria, which shows Nigeria’s program to pb the continent’s commercialized future.

The Nigerian authorities disclosed that the determination boosts the country’s relation successful shaping the aboriginal of African commercialized and unlocking caller opportunities for businesses.

BusinessDay reports that the Minister of Industry, Trade and Investment, Jumoke Oduwole, described the submission arsenic a amusement of assurance successful Nigeria’s entrepreneurial capacity.

FG outlines benefits of the woody for Nigerians

The curate said successful a station connected X  that the state has been reflecting connected the travel to signing the indispensable agreement.

According to her, the authorities is actively supporting partnerships with Nigerian businesses to turn determination supply.

She welcomed different businesses and entrepreneurs into 1 market, stating that Nigeria looks guardant to receiving products from different African countries.

The commercialized curate commended the resilience of section entrepreneurs, saying their spirits, adventurous quest, hard enactment and tenacity would guarantee the AfCFTA’s success.

The AfCFTA is regarded arsenic the world’s largest escaped commercialized zone, connecting 54 African countries to 1 marketplace of 1.4 cardinal people, with a combined GDP of $3.4 trillion, opening caller possibilities for Nigeria.

The woody presents an accidental for Nigerians

Oduwole said the woody presents an accidental for entrepreneurs to export their goods extracurricular the state and gain FX, grow businesses for SMEs, women-owned businesses, and for youth-led enterprises to commercialized with different Africans.

She highlighted Nigeria’s increasing enactment successful integer commercialized and services, stating that the state continues to pb the satellite successful integer commercialized framework, harnessing and keeping worth wrong the continent to guarantee prosperity for Africans.

Experts accidental the improvement volition springiness caller impetus to Nigeria’s exporters amid currency instability and rising request for FX.

They accidental by eliminating tariffs connected the bulk of goods traded connected the continent’s borders, Nigeria stands to benefit, pat into wider markets and thrust the concern revolution.

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

FG establishes duty-free window

The improvement came respective months aft the Nigerian authorities established a 150-day import duty-free window for indispensable nutrient items.

Analysts person said the argumentation helped to clang nutrient prices, particularly staples similar rice, which fell by N20,000 per 50kg bag.

Nigerians to acquisition reduced nutrient prices arsenic FG signs AfCFTA deal. Credit: Novatis
Source: Getty Images

Before the existent ostentation rate, the National Bureau of Statistics (NBS) reported a driblet successful nutrient ostentation successful its rebased ostentation information for February 2025.

Nigerian manufacturers lament N1.4trn unsold goods

Legit.ng earlier reported that Nigerian manufacturers person expressed interest implicit the deteriorating macroeconomic conditions and the increasing inflationary pressures successful Nigeria, which led to an unsold inventory worthy N1.4 trillion by December 2024.

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

He noted that the manufacturing assemblage is the worst deed by the existent economical headwinds, and its maturation has been severely impacted by economical challenges and different infrastructural issues that the Nigerian concern situation presents.

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Source: Legit.ng