The Nigerian Export Promotion Council (NEPC) AGOA Trade Resource Centre, Lagos, reportedly unveiled the AGOA Textile Visa Stamp recently. And if Olusegun Awolowo, CEO of NEPC is to be believed, it could prove to be of great advantage for Nigeria’s garment manufacturers.
As per Olusegun, the AGOA Textile Visa Stamp would enable garment manufacturers to have tariff concession on textiles and garments manufactured in the country for export to the United States under the African Growth Opportunity Act (AGOA).
“The AGOA Textile Visa Stamp is an instrument established by the US Government for use by the AGOA eligible countries for textiles and apparels export into USA. The instrument is to be administered by the Nigerian authorised Customs Officers on the Commercial Invoice of garment manufacturers exporting to the US under AGOA. It is a major requirement for the export of textiles and garments under the scheme and has to be strictly adhered to by Nigerian garment exporters in order to benefit from the tariff concession provided by the Act,” reportedly stated Olusegun in a recent interview with the media.
As per the CEO of NEPC, Nigerian garment manufacturers have a lot to gain by utilising the Visa Stamp as their products (textiles and apparel) will enjoy duty-free access to the US market under AGOA.
This tariff concession vis-à-vis non-AGOA countries, which have to pay normal tariff rates to enter the United States, will give products made in Nigeria more competitive edge.