UK Department for Business and Trade.webp
The Digest:

The United Kingdom has announced that over 3,000 Nigerian products will now enjoy duty-free or reduced tariff entry into the UK market. This initiative is part of the UK's Developing Countries Trading Scheme (DCTS)

Key Points:
  • The United Kingdom has granted duty-free or reduced tariff access to its market.
  • Over 3,000 Nigerian products are eligible under this new scheme.
  • Key products include agricultural goods like cocoa and cashew, and also textiles.
  • This is implemented through the UK's Developing Countries Trading Scheme (DCTS).
  • The DCTS, introduced in 2023, aims to simplify trading rules and cut tariffs.
  • It benefits over 60 developing countries globally, with Nigeria as a key beneficiary.
  • Mark Smithson, UK Country Director for Business and Trade, urged Nigerian exporters to leverage this opportunity.
This new trade scheme presents a significant opportunity for Nigerian exporters to expand their market reach. It highlights the UK's commitment to "Trade for Prosperity" and strengthening economic ties with developing nations

Sources: UK Department for Business and Trade, Guardian Nigeria