Over 584 Nigerian firms admitted into ECOWAS Trade Liberalization Scheme – NEPC

The Nigerian Export Promotion Council (NEPC) on Wednesday said over 584 companies have been admitted into the ECOWAS Trade Liberalization Scheme (ETLS) geared towards enhancing export activities within the region.

Olusegun Awolowo, executive director of NEPC, made the disclosure in Benin City at a one-day workshop to sensitize exporters on the benefits of the scheme.

Awolowo, represented by Ngozi Ibe, trade promotion advisor, NEPC Benin export assistance office, said the scheme offers unhindered market access and productivity to the 15 member-countries of ECOWAS as well as promotes economic relations within the region.

The executive director, who said the workshop was to enlighten and build capacity of exporters, urged Nigerian companies to take advantage of the gains inherent in the trade liberalization scheme.

He also disclosed that over 6,000 products have been admitted into the scheme, noting that the benefits of ECOWAS Trade Liberalization Scheme (ETLS) for West Africa include but not limited to greater economic growth, more jobs and lower consumer prices.

He, however, expressed concern that few companies have optimized the benefits of the scheme, adding that a survey conducted by the council revealed that many registered exporters were not aware of the scheme.

“The ETLS is an incentive designed by ECOWAS. It acts as the pull factor for production effectiveness and competitiveness. The scheme also provides the framework for the free movement of transport, goods and persons within ECOWAS, including the removal of tariff and non-tariff barriers to trade,” Awolowo said.

“It is evident that only few multinational companies can survive exporting from Nigeria without government support through incentives like this. Over 6,000 products and 584 Nigerian companies have been admitted into the scheme.

“The implementation of ETLS is however uneven across West Africa, and companies still face numerous challenges with export documentation, tariff and non-tariff barriers, trading under the ETLS,” he said.