Nigeria to Gain $10.3B From Trade Agreement, Tariff Elimination on IT Products

The completion of the second expansion of the Information Technology Agreement (ITA-3) could bring more than 400 unique information technology (ICT) products under the ITA’s tariff-eliminating framework, which would add more than $750 billion to the global economy in 10 years.

The Information Technology and Innovation Foundation (ITIF), which disclosed this, noted that the expansion of trade agreements and elimination of tariffs on IT products could fetch Nigeria $10.3 billion of the $750 billion in a decade.

But the ITIF noted that while IT is at the core of an ever-expanding range of products, the ITA – the trade agreement that eliminates tariffs on those products—has not been updated since 2015. It stressed that the economic benefits mentioned earlier would further be enhanced if this is updated...