Abuja, Nigeria — The United Kingdom’s pioneering Developing Countries Trading Scheme (DCTS), which provides enhanced and generous trading terms for Nigeria, remains in full effect, reinforcing the robust economic partnership between the two nations. Launched in June 2023, the DCTS is designed to offer fast-growing economies like Nigeria unprecedented trading preferences, underscoring the UK’s commitment to fostering long-term, mutually beneficial relationships with developing countries.
Under the DCTS, Nigeria can export over 3,000 products to the UK tariff-free, ranging from agricultural commodities to manufactured goods. This initiative is pivotal in promoting Nigeria’s economic growth and diversification, particularly by boosting non-oil exports. Products such as cocoa, plantain, olive oil, tomatoes, yam, shrimp, prawns, and cashew nuts now enjoy reduced or zero tariffs, making them more competitive in the UK market.
The scheme not only benefits Nigerian exporters but also UK businesses and consumers by providing access to a wider range of products at lower prices. This, in turn, helps reduce costs and enhances the variety of goods available in the UK, promoting a dynamic and interconnected global marketplace.
Dr. Richard Montgomery, the British High Commissioner to Nigeria, highlighted the significance of the DCTS during a recent event in Abuja. “As an independent trading nation, the UK is one of the foremost champions of free, fair, and inclusive trade,” Dr. Montgomery stated. “The UK’s Developing Countries Trading Scheme harnesses the power of trade to support Nigeria and other emerging economies in their ambition to grow, and it will significantly boost Nigeria’s non-oil exports.”
The DCTS is part of a broader strategy to deepen bilateral trade ties, which also includes the recently signed Enhanced Trade and Investment Partnership (ETIP). The ETIP aims to address underlying export challenges, thereby improving the economic and social wellbeing of both nations.
Dr. Montgomery emphasized the UK government’s dedication to maximizing the uptake of the DCTS. “We’re keen to ensure that the benefits of the DCTS are fully realized. The Enhanced Trade and Investment Partnership will help resolve export challenges in more detail, thus improving exports and the economic and social wellbeing of both our nations.”
To facilitate this process, the UK has introduced the Growth Gateway, an online platform designed to provide technical assistance and support to partner agencies and businesses looking to boost two-way trade between Nigeria and the UK. “For anyone who wants to know more about the UK’s new trading scheme, please search online for the ‘Department for Business and Trade and the Growth Gateway’,” Dr. Montgomery added. “By adding Nigeria to the search, you’ll access a country-specific page and guidance links tailored to your needs.”
The Growth Gateway aims to be a comprehensive resource for Nigerian businesses seeking to navigate the new trading landscape, offering expert advice and support to help them capitalize on the opportunities presented by the DCTS.
The continuation of the DCTS and the collaborative efforts embodied by the ETIP and the Growth Gateway are clear indicators of the UK’s commitment to supporting Nigeria’s economic development. By reducing trade barriers and fostering a conducive environment for export growth, these initiatives are set to play a crucial role in driving Nigeria’s economic diversification and enhancing its global trade footprint.
As the DCTS continues to facilitate increased trade and economic cooperation, it marks a significant step towards a more interconnected and prosperous future for both Nigeria and the UK. The scheme’s success will not only bolster Nigeria’s export economy but also solidify the UK’s position as a champion of free and fair trade, setting a benchmark for international trade relations with developing countries.
3rd June 2024, Abuja – The UK’s ambitious Developing Countries Trading Scheme (DCTS), which launched last year and puts in place simpler and more generous trading terms for Nigeria, remains a cornerstone of the bilateral trade relationship between the two nations. This initiative underscores the UK’s dedication to fostering a strong, sustainable partnership with Nigeria, promoting economic growth, and enhancing the livelihoods of people in both countries.
