Trade experts have emphasised the significant financial benefits businesses in Africa can achieve by exporting goods and services within the framework of the African Continental Free Trade Area (AfCFTA). 
 
Speaking at an AfCFTA Awareness and Sensitization Webinar organized by the Bashir Adeniyi Center for International Trade and Investment (BACITI) at the Nigerian Institute of International Affairs (NIIA), they highlighted the potential of AfCFTA to save exporters millions of dollars in tariffs.
 
Senior Trade Expert and Lead for Trade Enablement, the Nigeria AfCFTA Coordination Office, Olusegun Olutayo explained that businesses operating within the African market can leverage AfCFTA’s tariff reductions, with the possibility of reaching zero tariffs in the coming years.
 
According to Olutayo, Nigeria, as part of the ECOWAS bloc, submitted a tariff concession schedule that includes 90 percent liberalization under Category A. This indicates that products within this category, when exported within Africa, qualify for reduced tariffs rather than the Most Favored Nation (MFN) rates.
 
“Exporting products under AfCFTA’s trading framework can save businesses millions or even hundreds of millions of dollars,” he said.  Olutayo noted that other regions globally have successfully used regional trade unions to boost their economies, and AfCFTA provides Africa with a similar opportunity by creating a single market across the continent.
 
He further stated that the agreement aims to shift Africa’s reliance on imports by fostering intra-African trade, which can drive economic transformation and ease the flow of goods and services.
 
AfCFTA Specialist Partner and Head of the Africa Trade Practice Group at DealHQ Partners, Omobola Adekola outlined the benefits of AfCFTA’s trade in services. She highlighted its objectives to liberalize markets, reduce trade barriers, and enhance competitiveness by encouraging domestic and foreign investment.
 
“Under AfCFTA, trade in services is centered on five priority areas: financial services, transportation, business communications, tourism, and logistics,” Adekola explained. 
 
According to her, the sectors are undergoing negotiations to ensure seamless integration and improved trade facilitation across member states.She also pointed out that AfCFTA’s trading protocols ensure that nationals and service providers from participating states are treated equally, promoting fair competition and reducing costs for businesses operating across borders.
 
Both experts emphasized that AfCFTA has the potential to reshape Africa’s economic landscape, driving industrialization and fostering a more integrated and competitive market. By facilitating reduced tariffs, expanded service trade, and equal treatment for businesses across member states, the agreement aims to position Africa as a unified and economically robust continent.