Nigeria has officially published its Provisional Schedule of Tariff Concessions (PSTCS) under the African Continental Free Trade Area (AfCFTA) agreement, becoming the 23rd member state to complete this crucial step toward fully implementing the continent-wide trade pact.
This was disclosed in a statement released by the AfCFTA Secretariat on its X (formerly Twitter) account.
According to the statement, the gazetting of Nigeria’s tariff schedule represents a significant milestone for Africa’s largest economy as it formally commits to the preferential trade terms negotiated under the agreement.
“Congratulations to the Federal Republic of Nigeria on Gazetting Its AfCFTA Provisional Schedule of Tariff Concessions,” the AfCFTA Secretariat announced. This official publication ensures transparency and accessibility of the new trade regulations.
The AfCFTA Secretariat explained the importance of this procedural step: “What does it mean to gazette or domesticate a trade commitment? It is an official announcement that enhances transparency, ensuring that businesses, organisations, and citizens are informed of new regulations coming into force. This marks a key step towards the full implementation of the AfCFTA Agreement.”
For the Nigerian business community, this development provides much-needed clarity on how the trade agreement will affect cross-border commerce.
“For traders, this provides clarity and certainty, confirming that Nigeria will grant preferential tariff treatment to eligible goods upon importation, in line with its commitments under the AfCFTA Agreement,” the statement noted.
The AfCFTA, which began trading in January 2021, aims to create a single market for goods and services across the African continent, covering a market of 1.3 billion people with a combined GDP of approximately $3.4 trillion. The agreement seeks to eliminate tariffs on 90% of goods traded between African countries.
Nigeria’s formal publication of its tariff schedule signals the country’s readiness under President Bola Ahmed Tinubu’s administration to fully participate in the continental trading regime, potentially opening new markets for Nigerian exporters while gradually allowing more competitive imports from other African nations.
