UK cuts tariffs on over 3,000 Nigerian export products

UK cuts tariffs on over 3,000 Nigerian export products

 The United Kingdom has announced a tariff reduction in over
3,000 products exported from Nigeria under the Developing Countries Trading
Scheme (DCTC).

 

Mr Richard Montgomery, the British High Commissioner,
disclosed this on Tuesday at a Workshop on the UK Developing Countries Trading
Scheme, in conjunction with the federal Ministry of Industry, Trade and
Investment and the Nigerian Export Promotion Council (NEPC).

 

Montgomery, represented by Deputy British High Commissioner
to Nigeria, Ms Gill Atkinson, noted that the scheme came into force in June
2023.

 

The British government explained that 99 per cent of
Nigeria’s exports to the UK, such as Cocoa, Sesame oil, will be duty-free.

 

“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 per cent of Nigerian exports to the UK by value will
be duty-free tariffs promoting value addition in essential export items such as
cocoa butter and paste, and sesame oil, among others”, he stated.

Source: UK cuts tariffs on over 3,000 Nigerian export products

 - NigerianEye
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