CHENNAI: Exporters in TN have been urged to invest in Lagos Free Trade Zone, a privately owned 850 hectares free trade zone in Nigeria, to get cheaper access to markets in Africa, Europe and US with reduced tariffs.
Speaking to TNIE on the sidelines of a conference organised by Tamil Chamber of Commerce and Directorate General of Foreign Trade on Saturday, Tejaswi Avasarala, general manager of Lagos Free Zone, said exporters can benefit from two agreements signed by the US and the EU with Nigeria providing access to the markets there.
He said Nigeria has signed Africa Growth Opportunities Act with US and General Scheme of Preferences with the EU. The pact with US allows duty-free access to US market for over 1,800 products, in addition to more than 5,000 products that are eligible for duty-free access under the Generalized System of Preferences programme.
Similarly, EU offers zero or reduced tariff rates to least developed countries, including Nigeria, for certain products and deeper tariff cuts. Nigeria is also a member of African Continental Free Trade Area Agreement.