The Federal Government of Nigeria recently approved the implementation of the Economic Community of West Africa States (ECOWAS) Common External Tariff (CET) 2015- 2019, as well as the 2015 Fiscal Policy Measures.
The ECOWAS CET is an economic collaboration amongst West African member states to enhance trade facilitation within and outside the region. Pursuant to this, the Nigerian Customs Service has immediately commenced implementation of the ECOWAS CET in Nigeria.
The Nigerian import prohibition list has therefore been modified to align with laws guiding the CET regime. Consequently, textiles and furniture are no longer banned in Nigeria. By virtue of the policy, both products are dutiable commodities attracting an import duty of 35% and applicable import levies.
It is expected that the CET would remain stable for the 5 years for which it is effective and lead to a consolidated regional market and deepening economic integration. We also expect that there would be subsequent reforms to the Nigerian import/export framework.