What export-related trade agreements and partnerships has Nigeria entered into?
Here are some of the export-related trade agreements and partnerships that Nigeria has entered into ¹ ²:
- African Continental Free Trade Area Agreement (AfCFTA): A regional free trade agreement that will allow the free movement of goods and services across Africa and create a continental customs union to streamline trade and attract long-term investment.
- African Growth and Opportunity Act (AGOA): A trade program between the United States and Sub-Saharan Africa that grants products from 40 sub-Saharan African countries duty-free access to the US market.
- Trade and Investment Framework Agreement (TIFA): A bilateral agreement between Nigeria and the United States that provides for dialogue on improving and enhancing trade and investment opportunities between the two countries.
- ECOWAS Trade Liberalisation Scheme (ETLS): A regional instrument that aims to achieve an effective free trade area within the Economic Community of West African States (ECOWAS).
- Joint Declaration on Cooperation with the European Free Trade Area (EFTA): A multilateral agreement that sets the framework for Nigerian trade agreements with EFTA states.
- World Trade Organization (WTO): A multilateral agreement that aims to reduce tariffs and create a simplified platform for businesses to import.
- General Agreement on Tariffs and Trade (GATT): A multilateral agreement that aims to limit barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations.
Nigeria has entered into the following export-related trade agreements and partnerships
African Continental Free Trade Area Agreement (AfCFTA): Signed in July 2019 and ratified in December 2020, the AfCFTA aims to remove tariffs on 90% of goods traded between member countries.
African Growth and Opportunity Act (AGOA): Signed into law in 2000, this act is a trade program that aims to establish stronger commercial ties between the United States and Sub-Saharan Africa.
Bilateral investment agreements with 31 countries: 15 of these agreements are in force.
Double tax treaties with 13 countries: Nigeria is a signatory to 21 investment-related instruments.
Trade and Investment Framework Agreement (TIFA): Signed in 2000 with the United States, this agreement aims to promote trade and investment opportunities between the two countries.
