Menu Close

DCTS: UK’s new trade scheme still in force in Nigeria, other emerging markets –Official

Dr. Richard Montgomery, British High Commissioner to Nigeria

*Dr. Richard Montgomery, British High Commissioner to Nigeria, reaffirms the UK’s Developing Countries Trading Scheme harnesses the power of trade to support West African country, and other emerging economies’ ambition to grow, and boost Nigeria’s non-oil exports

Isola Moses | ConsumerConnect

The United Kingdom’s ambitious Developing Countries Trading Scheme (DCTS), launched 2023, and which puts in place simpler and more generous trading terms for Nigeria, is still in force.

ConsumerConnect reports the UK High Commission in Nigeria, in Abuja, noted the country officially launched the DCTS June 2023, and the scheme offers fast-growing economies like Nigeria one of the most generous sets of trading preferences of any country in the world.

It “demonstrates the UK’s commitment to building a long term, mutually beneficial relationship between both our countries,” stated the Mission.

The DCTS means that a wide variety of products that aren’t widely produced in the UK, including food items such as cocoa, plantain, olive oil, tomatoes and other vegetables, yam, shrimp and prawns, and cashew nuts, etc., now benefit from lower or zero tariffs. The scheme sees tariff reductions on over 3,000 products.

Reiterating the UK’s commitment to deepening bilateral trade ties between the UK and Nigeria,  Dr. Richard Montgomery, British High Commissioner to Nigeria, said: “As an independent trading nation, the UK is one of the foremost champions of free, fair, and inclusive trade.

“The UK’s Developing Countries Trading Scheme harnesses the power of trade to support Nigeria and other emerging economies ambition to grow and will boost Nigeria’s non-oil exports.”

Dr. Montgomery said: “As the UK Government, we’re keen to maximise uptake of the DCTS.

“In this respect, I’m happy that the recently signed Enhanced Trade and Investment Partnership (ETIP) will help address underlying export challenges in more detail and thus improve exports and the economic and social wellbeing of both our nations.”

The British High Commissioner to Nigeria also stated: “We have an online facility called the ‘Growth Gateway’ with a team ready to provide technical assistance and help partner agencies and businesses to boost two-way trade between Nigeria and the UK.

“For anyone who wants to know more about the UK 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.”

Kindly Share This Story

Kindly share this story