By Adedapo Adesanya

The Nigerian government has officially gazetted and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the AfCFTA Secretariat.

The move came ahead of the 16th meeting of the AfCFTA Council of Ministers (COM), which is being held today in Kinshasa, Democratic Republic of Congo (DRC).

The development marked a crucial milestone in regional trade integration amid the current global trade war initiated by the United States President Donald Trump.

Nigeria became the 23rd AfCFTA state party to gazette its Provisional Schedule of Tariff Concessions (PSTCs).

The Minister of Industry, Trade, and Investment, Mrs Jumoke Oduwole, while announcing the development on her official X handle, said the manufacturing and agriculture sectors in Nigeria are poised to see improvements because of this actions.

She said AfCFTA would trigger a 73 per cent growth in tarde volume in the agriculture and fishing sectors, adding that prices of items should begin to see a downtrend as a result because of competition.

“Stronger sectors, stronger Nigeria,” she noted in a statement issued by the Director for Press and Public Relations in her ministry, Mr Adebayo Thomas.

The Minister further said the milestone would enable Nigerian exporters leverage preferential tariff access across African markets, positioning the country as a key player in regional and global trade, stressing that the gazetting and transmission of tariffs to the secretariat signified the country’s readiness for trade under the agreement.

Mrs Oduwole said the development underscored Nigeria’s dedication to leveraging Africa’s single market for economic transformation.

The AfCFTA agreement establishes zero duties on 90 per cent of tariff lines for trade in goods, enhancing Nigeria’s market competitiveness and expanding trade opportunities across Africa.

Essentially, Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability.

President Bola Tinubu signed the ECOWAS Schedule of Tariff Offers, which reinforces the country’s commitment to regional trade expansion, strengthening its role in shaping the future of intra-African trade and boosting export competitiveness under the AfCFTA framework.

Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.

The gazetting of the schedule of tariff concessions was expected to yield significant benefits, including boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties, and supporting Nigerian SMEs by lowering costs and encouraging market expansion.

Nigeria’s commitment to AfCFTA implementation makes it an attractive destination for foreign and intra-African investment, reinforcing its role as a trade hub in West Africa.

The gazetting announcement follows the AfCFTA digital trade mandate announced in February in Addis Ababa, where President Tinubu received a personal commendation for his work on digital trade, further reinforcing the country’s commitment to regional and continental trade integration.

The statement added that as a digital trade co-champion, the country was advancing seamless trade facilitation and cross-border commerce, ensuring businesses, especially SMEs, can fully benefit from the AfCFTA framework.

By Adedapo Adesanya

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has instructed the Nigerian Maritime Administration and Safety Agency (NIMASA) to initiate the long-awaited disbursement process for the Cabotage Vessel Financing Fund (CVFF).

This directive marks a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.

The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.

According to the Minister, the disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.

“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history,” said Mr Oyetola. “For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically,” he stated.

NIMASA, in alignment with the Minister’s directive, has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.

Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.

The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.

“We are not merely funding vessels; we are investing in a future where Nigerian shipping companies can stand shoulder-to-shoulder with their international counterparts,” Mr Oyetola said.

“This is a turning point—one that affirms our commitment to local content, economic resilience, and maritime sovereignty,” he added.

The disbursement of the CVFF is anticipated to yield far-reaching benefits. It will enable the growth of a stronger, self-sufficient shipping fleet, generate employment opportunities, stimulate local shipbuilding and repair industries, and significantly reduce capital flight associated with foreign vessel chartering.

“We are doing what should have been done years ago—because our vision is clear.”

“A strong indigenous fleet is not just a matter of pride; it is a strategic national asset. Through this intervention, we will be securing jobs, strengthening our economy, and redefining our place in the global maritime economy,” said Mr Oyetola.

By Adedapo Adesanya

Nigeria’s inflation rate edged up to 24.23 per cent in March, according to the National Bureau of Statistics (NBS) on  Tuesday. 

It was the first time since the Consumer Price Index (CPI) has risen since it was rebased in January by the stats office, which made the base year 2024 from the previous 2009.

The new rate indicates an upward movement of 1.05 per cent from the 23.18 per cent reported in February 2025, signalling a return to levels (24.48 per cent) recorded in the beginning of the year after the CPI rebasing.

This latest figures came at a time that the United States President, Mr Donald Trump, has unleashed a trade war that has triggered a sharp selloff in the price of oil, Nigeria’s main export and led to the weakening of the Naira, which will push up import costs, though this should reflect in the next CPI numbers next month.

Although the US administration announced a 90 per cent day pause on the 14 per cent reciprocal tariffs last week, its felt impact remains, as it continues to fight China.

The Nigerian government have announced plans to boost its non-oil imports to tackle the blowbacks from the trade war, which will heavily impact the global economy.

The rise in inflation will also present a challenge to the Central Bank of Nigeria (CBN) regarding interest rates, which it paused at its last meeting.