Nigerians stand to gain from a new commercial arrangement in the UK that will reduce tariffs on hundreds of common goods exported to the nation starting in 2023.
This was declared on Tuesday at the official launching of the Developing Countries Trading Scheme in Abuja by the UK’s International Trade Secretary, Anne-Marie Trevelyan.
During her visit to Nigeria in 2018, former UK Prime Minister Theresa May made hints about a new trade agreement and economic engagement.
The program results in cheaper or zero tariffs for a wide range of goods, including clothing, footwear, and food items like olive oil and tomatoes imported from Africa to the UK.
She said, “As an independent trading nation, we are taking back control of our trade policy and making decisions that back the UK businesses, help with the cost of living, and support the economies of developing countries around the world.
“UK businesses can expect less red tape and lower costs, which will encourage firms to import goods from developing countries.”
In his address, the acting British High Commissioner to Nigeria, Gill Atkinson, stated that the new scheme would provide additional access for Nigerian exports to the United Kingdom.
“Nigeria will benefit automatically from enhanced preferences under the DCTS.” This means that 99% of total Nigerian exports are eligible for duty-free access to the UK, saving £500,000 in tariffs.
Cocoa butter exporters, for example, will save £180,000. It’s great to see that the new DCTS will also simplify seasonal tariffs, giving Nigerian exports to the UK more access.”