In an exciting development for Nigerian exporters, the United Kingdom has made a significant announcement regarding tariff reductions on over 3,000 products under the Developing Countries Trading Scheme (DCTS). This move is expected to strengthen trade relations between the two nations and open new avenues of economic growth and cooperation.
The British High Commissioner, Mr Richard Montgomery, unveiled this decision during a Workshop on the UK Developing Countries Trading Scheme, organized in collaboration with the federal Ministry of Industry, Trade, and Investment and the Nigerian Export Promotion Council (NEPC).
Representing Montgomery, the Deputy British High Commissioner to Nigeria, Ms Gill Atkinson, revealed that the scheme came into effect in June 2023.
Under this scheme, the British government has generously offered to exempt 99 percent of Nigeria’s exports to the UK from tariffs. This means that highly sought-after commodities like cocoa and sesame oil will now be duty-free, fostering value addition and increasing the competitiveness of Nigerian exports in the UK market.
According to Montgomery, “Nigeria stands to benefit more than any other country from the changes introduced by the DCTS. It will see tariff reductions on over 3,000 products, meaning that 99 percent of Nigerian exports to the UK by value will be duty-free tariffs, promoting value addition in essential export items such as cocoa butter and paste, and sesame oil, among others.”
