Thirty-seven African countries, including Nigeria, are set to benefit from duty-free trade on goods exported to the United Kingdom. This initiative was made possible by the UK Government’s launch of the Developing Countries Trading Scheme (DCTS) in Lagos. In a press statement released on Wednesday, Ben Llewellyn-Jones, the UK Deputy High Commissioner in Lagos, emphasized the UK’s commitment to collaborating with Nigerian businesses.
The DCTS offers one of the most generous sets of trading preferences globally and reflects the UK’s dedication to fostering long-term, mutually beneficial relationships with countries like Nigeria. This new scheme will replace the UK’s Generalised Scheme of Preferences and will benefit a total of 65 countries, 37 of which are in Africa. As a result, Nigeria will enjoy duty-free trade on over 9,200 products.
Llewellyn-Jones highlighted that this launch aims to promote free and fair trade with developing countries, ultimately boosting their economies. He stated, “Nigeria is one of the UK’s most important partners in Africa, and the UK Government is committed to working with Nigerian businesses and exporters to enhance trade between our two great nations.”
One significant advantage of the DCTS is the elimination of tariffs on more than 3,000 everyday products that Nigeria currently exports, including cocoa, cotton, plantain, flowers, fertilizers, tomatoes, frozen shrimp, and sesame. The overarching goal of the new trading scheme is to stimulate free and fair trade with developing countries, thereby supporting economic growth and job creation both in those countries and in the UK.
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