Sopuruchi Onwuka
The United Kingdom has restated its commitment to reinforce the long-term ambition to deepen trade ties, support Nigerian exports and promote economic growth for both countries.
The kingdom also confirmed that Nigeria would continue to enjoy duty-free access on 99% of total goods exported to the UK market under the Developing Countries Trading Scheme (DCTS).
The DCTS is part of the UK’s strategy to support growing economies like Nigeria by reducing tariffs on thousands of goods, simplifying export rules for Nigerian businesses and making it easier to qualify for trade benefits. T
he scheme lowers import cost for UK businesses and offers consumers a wider range of affordable products.
Since its launch in June 2023, the Developing Countries Trading Scheme allows Nigeria and 36 other African countries to export over 3,000 products duty-free or at reduced tariffs to the UK, supporting Nigerian businesses to grow and become more competitive on the global stage.
Through the DCTS, Nigerian exporters can sell key goods like cocoa, yam, tomatoes, plantain, shrimp, and other agricultural products to the UK at reduced tariffs. The scheme also supports processed and value-added products like cocoa paste and cocoa butter, sesame and Palm oil, cashew nuts, cotton clothing, and cocoa paste, helping Nigeria move beyond raw exports.
British High Commissioner to Nigeria, Dr Richard Montgomery, said Nigeria remains one of Britain’s most important partners in Africa, adding that “Nigeria stands at the heart of the UK’s global trade ambitions.
He said “we want to strengthen the trade ties between our two great nations and unlock the power of sustainable and transformative growth in Nigeria and across emerging economies.”
“A major advantage of the UK’s developing countries trading scheme is the reduction or complete elimination of duty-tariffs on everyday goods such as cashew nuts, cocoa, cotton, plantain, tomatoes, prawns, and sesame. This isn’t just about improved access into the UK market, it’s about building a fairer, freer global trading system that supports economic growth and job creation, both in developing countries and in the UK.”
According to Dr Montgomery, “Through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) we are continuing to work alongside the Federal Ministry of Industry, Trade and Investment (FMITI) to tackle export challenges and ensure the DCTS is fully leveraged by Nigerian businesses to improve trade growth between our two countries.”
A statement from the British High Commission office in Lagos holds that the trade framework is part of a wider UK effort to build strong economic ties across the world, with recent trade agreements also signed with major economies like India and the United States.
The Oracle Today reports that businesses seeking to explore the Developing Countries Trading Scheme can get needed information from the official website dedicated to the scheme.
