Thirty-seven African countries including Nigeria are expected to benefit from duty free trade on goods exported to the United Kingdom.
This was made possible as the UK Government launched the Developing Countries Trading Scheme in Lagos.
In a press statement made available on Wednesday, the UK Deputy British High Commissioner in Lagos, Ben Llewellyn-Jones said the UK is committed to working with Nigerian businesses.
DCTS offers one of the most generous sets of trading preferences in the world and demonstrates the UK’s commitment to building long term, mutually beneficial relationships with countries like Nigeria.
The DCTS would replace the UK’s Generalised Scheme of Preferences.
The DCTS benefits 65 countries, 37 of which are African, and would mean that Nigeria benefits from duty free trade on over 9,200 products.
Llewellyn-Jones said this new launch would grow free and fair trade with countries, thereby boosting the economy.
He said “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 boost trade between our two great nations. The UK’s Developing Countries Trading Scheme harnesses the power of trade to help Nigeria and other emerging economies grow and prosper.
“One major benefit of this new UK trading scheme is that it abolishes tariffs on over 3,000 everyday products that Nigeria currently exports including cocoa, cotton, plantain, flowers, fertilizers, tomatoes, frozen shrimps and sesame. The overarching aim of the new scheme is to grow free and fair trade with developing countries, boosting the economy and supporting jobs in those countries, as well as in ours.”