The United Kingdom (UK) has confirmed that Nigeria would continue to enjoy duty-free access on 99 per cent of total goods exported to its market under the Developing Countries Trading Scheme (DCTS) amid current global trade tensions.
The DCTS is part of the UK’s strategy to support growing economies like Nigeria by reducing tariffs on thousands of goods, simplifying export rules for Nigerian businesses and making it easier to qualify for trade benefits.
The scheme also lowers import cost for UK businesses and offers consumers a wider range of affordable products.
Since its launch in June 2023, the Developing Countries Trading Scheme allows Nigeria and 36 other African countries to export over 3,000 products duty-free or at reduced tariffs to the UK, supporting Nigerian businesses to grow and become more competitive on the global stage.
Through the DCTS, Nigerian exporters can sell key goods like cocoa, yam, tomatoes, plantain, shrimp, and other agricultural products to the UK at reduced tariffs.
The scheme also supports processed and value-added products like cocoa paste and cocoa butter, sesame and Palm oil, cashew nuts, cotton clothing, and cocoa paste, helping Nigeria move beyond raw exports, according to a statement shared with Business Post.
Speaking on the DCTS, British High Commissioner to Nigeria, Mr Richard Montgomery reiterated the UK’s long-term ambition to deepen trade ties, support Nigerian exports and promote economic growth for both countries.
“As one of the UK’s most important partners in Africa, Nigeria stands at the heart of the UK’s global trade ambitions, and we want to strengthen the trade ties between our two great nations and unlock the power of sustainable and transformative growth in Nigeria and across emerging economies.
“A major advantage of the UK’s developing countries trading scheme is the reduction or complete elimination of duty-tariffs on everyday goods such as cashew nuts, cocoa, cotton, plantain, tomatoes, prawns, and sesame. This isn’t just about improved access into the UK market, it’s about building a fairer, freer global trading system that supports economic growth and job creation, both in developing countries and in the UK.”
“Through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) we are continuing to work alongside the Federal Ministry of Industry, Trade and Investment (FMITI) to tackle export challenges and ensure the DCTS is fully leveraged by Nigerian businesses to improve trade growth between our two countries,” he added.