By Dare Akogun
The UK’s Developing Countries Trading Scheme (DCTS), which was launched in June 2023, continues to offer Nigeria simpler and more generous trading terms, solidifying the commitment to a long-term, mutually beneficial relationship between the two nations.
The DCTS provides Nigeria, among other fast-growing economies, with one of the most favorable sets of trading preferences globally.
This scheme is designed to boost bilateral trade by reducing tariffs on a wide variety of products not widely produced in the UK, including food items such as cocoa, plantain, olive oil, tomatoes, other vegetables, yam, shrimp and prawns, and cashew nuts.
The scheme encompasses tariff reductions on over 3,000 products.
British High Commissioner to Nigeria, Dr. Richard Montgomery, emphasized the UK’s dedication to enhancing trade ties. He noted that as an independent trading nation, the UK champions free, fair, and inclusive trade.
“The UK’s Developing Countries Trading Scheme harnesses the power of trade to support Nigeria and other emerging economies’ ambitions to grow and will boost Nigeria’s non-oil exports,” said Dr. Montgomery.
To further facilitate the utilization of the DCTS, Dr. Montgomery highlighted the recent signing of the Enhanced Trade and Investment Partnership (ETIP), which aims to address underlying export challenges and improve economic and social wellbeing in both countries.
He also introduced the Growth Gateway, an online facility providing technical assistance to boost two-way trade between Nigeria and the UK.
“For anyone who wants to know more about the UK’s new trading scheme, please search on the Internet for the ‘Department for Business and Trade and the Growth Gateway’ and a website with more information will pop up.
If you then add Nigeria to the search, you’ll get a country-specific page and guidance links,” added Dr. Montgomery.
The DCTS represents a significant opportunity for Nigerian businesses to expand their market reach and enhance their export capabilities, fostering greater economic collaboration between Nigeria and the UK.
