BREAKING: UK REAFFIRMS DUTY-FREE ACCESS FOR NIGERIAN EXPORTS

Nigeria to Continue Enjoying Duty-Free Access on 99% of Exports to the UK Under Developing Countries Trading Scheme

The United Kingdom has confirmed that Nigeria will maintain its duty-free access on 99% of goods exported to the UK under the Developing Countries Trading Scheme (DCTS). This post-Brexit trade initiative aims to boost commerce with developing nations, supporting economic growth by lowering trade barriers and simplifying export requirements.

The scheme will cover a wide range of products, including agricultural goods like cocoa, yam, tomatoes, and sesame seeds. Value-added products such as cocoa butter and paste, palm oil, cashew nuts, and cotton clothing will also be included. This will provide Nigeria with opportunities to diversify and move up the export value chain.

According to the British High Commission, the DCTS will boost trade with 65 developing countries, support jobs and growth at home and abroad, and reinforce economic security. The Enhanced Trade and Investment Partnership (ETIP) between the UK and Nigeria will also support Nigerian businesses in fully leveraging the DCTS.

The development is expected to increase non-oil exports, improve foreign exchange earnings, and drive inclusive growth by supporting local industries to compete globally. With this scheme, Nigeria is poised to benefit from increased trade with the UK, and Nigerian businesses are expected to take advantage of the new opportunities.