The UK has stated that it is prepared to lower tariffs on goods coming from Nigeria and other emerging nations. The British High Commission in Abuja issued a statement on Monday claiming that the action was taken to restore trading norms and save consumers and businesses millions of pounds annually.
This followed the country’s new post-Brexit Developing Countries Trading Scheme program, which went into effect today and covers at least 60 countries. The program simplifies trading regulations and eliminates or lowers tariffs so that more products are eligible for the program, making it more liberal than the EU program in which the UK formerly participated.
The program will also help emerging nations that want to diversify and boost exports in order to boost their economies and generate jobs. As time passes, developing countries increase trade with the UK under the scheme, businesses could save millions more on import costs.