The United Kingdom government on Wednesday announced that it has cut tariffs on about 3000 products in Nigeria to extend duty free trade on goods exported from the country.
This was disclosed by the British Deputy High Commissioner, Ben Llewellyn-Jones, at the launch of the UK’s new Developing Countries Trading Scheme, DCTS, in Lagos.
Llewellyn-Jones noted that the move which will take effect from April 2023 will boost Nigeria’s non-oil export trade as trade volume between UK and Nigeria hit 2.2 billion pounds in 2022.
He said the lowered tariff on Nigerian export to the UK would reduce import costs to the sum of £750 million per year for the British consumer.
“The UK Government has reduced the tariffs of 90 per cent of goods that Nigeria would export to our country and has also provided a preferential trading scheme for a range of other exports that the country might have,” Llewellyn-Jones
“ We have reached out to small and large businesses in different parts of the country and this is intended to help exporters and other people in the trading business to make the United Kingdom an export destination.
“This would also serve as an opportunity to grow the non-oil and gas sector in Nigeria and create jobs in the country, and most importantly, we are reaching out to people at the grassroots level so they can know what we are doing.
“The DCTS is much more generous and simpler than the existing Generalised Scheme of Preferences (GSP).”
“We have to change focus to the non-oil sector but this takes time, but we are working with experts from Nigeria Export Promotion Council and the Federal Government to grow the economy through expanding of its export.
“The key challenges for exporters are finding key partners in the UK to sell their products but we are working on ensuring that we link exporters with potential buyers so as to ensure there is enough demand and supply.”
In his keynote address, Llewellyn-Jones said: “The DCTS will also boost Nigeria’s non-oil exports in line with the Federal Government of Nigeria’s wider trade policy objectives.
“The Developing Countries Trading Scheme, DCTS will benefit 65 countries, 37 of which are African. This new scheme offers developing countries one of the most generous sets of trading preferences of any country in the world and demonstrates the UK’s commitment to building long term, mutually beneficial relationships with emerging economies..
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
