UK reduces tariff on over 3,000 Nigerian export products
The United Kingdom has announced a reduction on about 3,000 products exported from Nigeria under the Developing Countries Trading Scheme (DCTC).
The British High Commissioner to Nigeria, Mr Richard Montgomery, stated this in Abuja on Tuesday.
The event was at the sensitization workshop on the UK Developing Countries Trading Scheme organized in partnership with the federal Ministry of Industry Trade and Investment and the Nigerian Export Promotion Council (NEPC).
Represented by the Deputy British High Commissioner to Nigeria, Ms Gill Atkinson, said the decision was taken to deepen the trade relationship between the UK and Nigeria.
“The Developing Countries Trading Scheme (DCTS) benefits 46 countries, 31 of which are African countries, one of the most important of course is Nigeria.
“This new trading scheme, which came into force on June 19 and offers fast-growing economies one of the most generous sets of trading preferences of any country in the world, demonstrates the UK commitment to building a long-term, mutually beneficial relationship with Nigeria.
“Nigeria stands to benefit more than any country from the changes introduced by the DCTS. It will see tariff reductions on over 3000 products meaning that 99% of existing Nigerian exports to the UK by value will be duty-free tariffs which promote value addition in important export items such as cocoa butter and paste, and sesame oil among others.
“The DCTS benefits the UK as well – it reduces import costs by over £750 million per year, helping to reduce prices and increase choice for UK consumers and businesses as well,” she explained.
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On her part, the permanent secretary Ministry of Trade and Investment, Dr Evelyn Ngige, who was represented by the Director Trade in the ministry, Suleiman Audu, said the trade scheme will improve the volume of exports from Nigeria.