Mehmet Nesih Özmen, Güldalı Sk No:15/F, Merter/Güngören/İstanbul
Genel

Nigeria Trade Agreements

16 Nisan 2023

Nigeria is a country located in West Africa that has been experiencing significant economic growth due to its vast natural resources, including oil and gas. One of the ways Nigeria has been able to sustain and increase its economic growth is through various trade agreements.

Trade agreements are essential for countries to expand their economies and increase their trade activities with other countries. These agreements allow countries to access new markets, increase their exports, and improve their economic growth. In this article, we will discuss some of Nigeria`s most significant trade agreements.

1. African Continental Free Trade Area (AfCFTA)

The AfCFTA is a trade agreement signed by 54 African countries, including Nigeria. This agreement came into force in January 2021 and is aimed at creating a single market for goods and services in Africa. It is expected to boost intra-African trade and increase economic growth across the continent.

Nigeria signed the AfCFTA agreement in July 2019 after several years of negotiations. The Nigerian government sees the AfCFTA as an opportunity for Nigeria to expand its market access across the African continent and improve its economic growth. The country also hopes to use the agreement to promote its manufacturing industries, which have been struggling in recent years.

2. United States-Nigeria Trade and Investment Framework Agreement (TIFA)

Nigeria also has a trade agreement with the United States called the Trade and Investment Framework Agreement (TIFA). The agreement was signed in 2012 and is aimed at promoting bilateral trade and investment between the two countries.

Under the TIFA, Nigeria and the United States hold regular discussions on trade and investment issues and identify ways to improve their economic partnership. The agreement covers a wide range of areas, including intellectual property rights, investment, and market access.

3. Economic Community of West African States (ECOWAS)

The Economic Community of West African States (ECOWAS) is a regional trade bloc consisting of 15 West African countries, including Nigeria. ECOWAS was established in 1975 and is aimed at promoting economic cooperation and integration among its member states.

Under the ECOWAS agreement, member states have established a free trade area, which allows for the free movement of goods, services, and people across the region. Nigeria has benefitted significantly from the ECOWAS agreement, especially through increased market access and trade activities with other West African countries.

Conclusion

Trade agreements are crucial for Nigeria`s economic growth and development. Nigeria has signed several agreements with other countries and regional blocs, including the AfCFTA, TIFA, and ECOWAS, to promote trade and investment activities. These agreements have helped Nigeria to expand its market access and increase its economic growth, making it a vital player in the global economy.