Nigeria will enjoy a significant boost in its trade with the United Kingdom, as the UK has announced a reduction in tariffs on over 3,000 products exported from Nigeria under the Developing Countries Trading Scheme (DCTS).
The scheme, which came into force in June 2023, aims to support the economic development of low and lower-middle income countries by giving them preferential access to the UK market.
The British High Commissioner to Nigeria, Mr Richard Montgomery, revealed this on Tuesday at a workshop on the UK DCTS, organised in collaboration with the federal Ministry of Industry, Trade and Investment and the Nigerian Export Promotion Council (NEPC).
Montgomery, who was represented by Deputy British High Commissioner to Nigeria, Ms Gill Atkinson, said that Nigeria stands to benefit more than any other country from the changes introduced by the DCTS.
According to Montgomery, 99 per cent of Nigeria’s exports to the UK by value will be duty-free, meaning that Nigerian exporters will save millions of pounds in tariff payments every year.
He added that the scheme will also encourage value addition in essential export items such as cocoa butter and paste, and sesame oil, among others.
He expressed the hope that the scheme will enhance the bilateral trade relationship between Nigeria and the UK, and create more opportunities for growth and prosperity for both countries.
