There are two important and beneficial trade agreements regarding trade in Nigeria: African Growth Opportunity Act (AGOA) and ECOWAS Trade Liberalization Scheme (ETLS). Check out the details about these trade agreements and see why it makes importing from Nigeria even more interesting!
The African Growth and Opportunity Act (AGOA) is a United States Trade Act enacted on 18th May 2000 to create market access for products of sub Saharan origin to the USA.
It is aimed at expanding US trade and investment relations with sub-Saharan Africa. The Act provides trade preferences for quota and duty-free entry into the USA for certain goods.
AGOA is currently in force until 2025. The products covered by the legislation include:
- Agricultural products
- Apparel and footwear
- Motor vehicle components
The unhindered market access makes it easy for importers in the US to buy Nigerian products at competitive prices. It also promotes economic integration between the two countries, strengthening trade ties and thereby continuously improving ease of doing business in Nigeria.
More details about the trade agreement can be found on the AGOA official website.
ECOWAS Trade Liberalization Scheme (ETLS) is a trade instrument designed by the Economic Community of West African States (ECOWAS). The scheme offers unrestricted market access to the fifteen member Countries and promotes economic relations within the sub-region. Countries covered by the Scheme are; Nigeria, Ghana, Benin, Côte d’Ivoire, Gambia, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone, Togo, Burkina Faso, Cape Verde.
Benefits for you as buyer
The most obvious benefit for buyers and importers in the ECOWAS region is the unrestricted market access. This ensures that they can purchase Nigerian products at competitive prices.
Check out the official ETLS website for more details.