The United Kingdom has reaffirmed Nigeria’s continued eligibility for duty-free access on 99% of goods exported to the UK under the Developing Countries Trading Scheme (DCTS), a post-Brexit trade initiative aimed at boosting commerce with developing nations.
This assurance comes amid global trade tensions created by the recent announcement of sweeping tariffs by the United States.
According to a statement released on Friday by the British High Commission, Abuja, the DCTS, launched in June 2023, allows Nigeria and 36 other African countries to export over 3,000 products to the UK either duty-free or at significantly reduced tariffs.
The scheme is designed to support economic growth in developing countries by lowering trade barriers, simplifying export requirements, and making it easier for local businesses to tap into the UK market.
The DCTS is being implemented alongside the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which focuses on addressing structural challenges in Nigeria’s export ecosystem.
The partnership includes collaboration with the Federal Ministry of Industry, Trade, and Investment (FMITI) to support Nigerian businesses in fully leveraging the scheme.
The DCTS forms part of the UK’s broader strategy to deepen trade relationships with fast-growing economies around the world.
- In addition to Nigeria and other African countries, the UK has also signed new trade agreements with countries like India and the United States, signaling a global shift in its post-Brexit trade policy.
- For Nigeria, the DCTS presents a significant opportunity to increase non-oil exports, improve foreign exchange earnings, and drive inclusive growth by supporting local industries to compete on the global stage.
Source: Nairametrics