According to a statement released on Monday by the British High Commission in Abuja, the step was to restore trading rules, save businesses and consumers millions of pounds a year.
This came following the country’s new post-Brexit Developing Countries Trading Scheme scheme covering not less than 60 nations and commencing action today.
The scheme removes or reduces tariffs and simplifies trading rules so that more products qualify for the scheme, making it more generous than the EU scheme the UK was previously a member of.
The scheme will also benefit developing countries looking to diversify and increase exports, driving their prosperity and creating jobs. Over time, as developing countries increase trade with the UK under the scheme, businesses could save millions more on import costs.
Part of the statement read, “In Nigeria, over 99 per cent of goods exported from the country will automatically be eligible for duty-free access to the UK. Nigeria will receive enhanced preferential access for almost 3,000 products. E.g. 4.5 per cent removed on cocoa paste, 26.5 per cent removed on fruit juices, and 14 per cent removed on prepared tomatoes.”
The minister of International Trade, Nigel Huddleston unveiled the scheme while on a visit to Ethiopia’s largest industrial business park, Bole Lemi, described it as a brilliant example of the UK taking advantage of its status as an independent trading nation and I am excited to see it implemented today.
“It will create opportunities for businesses around the world, supporting livelihoods, creating jobs and diversifying local and international supply chains. It will also benefit UK businesses and consumers by lowering import costs on a whole range of products,” Huddleston added.
UK deputy British High Commissioner in Lagos, Ben Llewellyn-Jones said hailed Nigeria as one of the UK’s most important partners in Africa and that the UK Government is committed to working with, adding that “the UK’s Developing Countries Trading Scheme harnesses the power of trade to help Nigeria and other emerging economies grow and prosper.
“One major benefit of this new UK trading scheme is that it abolishes tariffs on over 3000 everyday products that Nigeria currently exports including cocoa, cotton, plantain, flowers, fertilizers, tomatoes, frozen shrimps and sesame. The overarching aim of the new scheme is to grow trade with developing countries, boosting the economy and supporting jobs in those countries, as well as in ours.”
