Strengthening Economic Ties: UK and Nigeria Agree to Expand Bilateral Trade Relations

By: Vincent Amadi

The UK officially launched the Developing Countries Trading Scheme (DCTS) in June 2023, which offers fast-growing economies like Nigeria one of the foremost liberal sets of exchanging preferences of any nation within the world and illustrates the UK’s commitment to building a long-term, commonly advantageous relationship between both nations.
According to a statement, recently, the DCTS implies that a wide variety of items that aren’t widely created within the UK, counting food items such as cocoa, plantain, olive oil, tomatoes, and other vegetables, yam, shrimp and prawns, and cashew nuts present advantage from lower or zero taxes. The scheme sees tariff reductions on over 3000 items.
Emphasizing the UK’s commitment to extend respective exchange ties between the UK and Nigeria, British High Commissioner to Nigeria, Dr Richard Montgomery said,

“As an independent trading country, the UK is one of the preeminent champions of free, reasonable, and comprehensive exchange. The UK’s Developing Countries Trading Scheme saddles the control of exchange to back Nigeria and other developing economies’ desire to develop and will boost Nigeria’s non-oil trades.
“As the UK Government, we’re keen to amplify take-up of the DCTS. In this regard, I’m upbeat that the late marked Enhanced Trade and Investment Partnership (ETIP) will offer assistance addressing basic send-out challenges in more detail and hence move forward trades and the financial and social well-being of both our nations.”
British High Commissioner to Nigeria, Dr Richard Montgomery, continued,
“We have an online facility called the Growth Gateway with a team ready to supply specialized help and offer assistance to accomplice offices and businesses to boost two-way trade between Nigeria and the UK.
“For anyone who needs to know more about the U.K.’s new trading scheme, if you don’t mind look on the Internet for the “Department for Business and Trade and the Growth Gateway and a website with more data will pop up. In case you then include Nigeria in the search, you’ll get a country-specific page and guidance links.”