The United Kingdom has approved duty-free access for 99 percent of Nigerian exports under the Developing Countries Trading Scheme (DCTS), NaijNaira can report.
The British High Commission in Nigeria confirmed to The Guardian that this move is part of the UK’s plan to strengthen trade with Nigeria and support Nigerian exports.
The DCTS, which started in June 2023, is designed to help developing countries grow by cutting trade barriers and opening international markets.
With this new arrangement, more than 3,000 Nigerian products, including agricultural goods and processed items, can now enter the UK market duty-free or at much lower tax rates.
British High Commissioner to Nigeria, Dr. Richard Montgomery, said, “Nigeria is a central partner in the UK’s global trade strategy.”
Montgomery explained that the DCTS offers Nigeria broader market access and supports long-term economic growth between both countries.
“The scheme removes duty tariffs on products like cashew nuts, cocoa, cotton, plantain, tomatoes, prawns, and sesame,” Montgomery stated.
The DCTS simplifies export procedures, reduces import costs for UK businesses, and helps Nigerian goods compete better in the UK market.
It also encourages Nigeria to focus on processed and value-added products, which can improve the country’s international trade profile.
Montgomery confirmed that the UK is working closely with Nigeria’s Federal Ministry of Industry, Trade and Investment under the UK-Nigeria Enhanced Trade and Investment Partnership.
Nigeria’s involvement in the DCTS supports the UK’s wider goal of building trade partnerships with countries like India, the United States, and other key global markets.
Article updated 5 hours ago. Content is written and modified by multiple authors.
