The British government is eager to leverage a trade scheme designed to benefit developing countries like Nigeria. The Developing Countries Trading Scheme (DCTS) offers lower or zero tariffs on a wide range of Nigerian exports, including food products like cocoa, yams, and shrimp.
British High Commissioner to Nigeria, Dr. Richard Montgomery, sees the DCTS as a key tool to increase bilateral trade. He highlights the UK’s commitment to “free, fair, and inclusive trade” and believes the scheme can help Nigeria grow its non-oil exports. The recently signed Enhanced Trade and Investment Partnership is expected to further address export challenges and benefit both nations economically and socially.
The UK is actively promoting the DCTS through its Growth Gateway online platform. This resource offers technical assistance to businesses and agencies on both sides. It aims to streamline trade processes and unlock the scheme’s full potential. With Nigeria already being a significant trading partner for the UK, this initiative could lead to a substantial increase in commerce between the two countries.
Source: PUNCH