The United Kingdom has stated its willingness to reduce tariffs on Nigerian and other developing-country imports.
According to a statement issued by the British High Commission in Abuja on Monday, the measure was taken to restore trading regulations and save businesses and consumers millions of pounds each year.
This follows the country’s new post-Brexit Developing Countries Trading program program, which covers at least 60 nations and goes into effect today.
The scheme eliminates or cuts tariffs and streamlines trading restrictions, allowing more products to qualify for the scheme, making it more liberal than the EU scheme in which the UK formerly participated.
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.”
Nigel Huddleston, Minister of International Trade, unveiled the scheme during a visit to Bole Lemi, Ethiopia’s largest industrial business park, and described it as “a brilliant example of the UK capitalizing on 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.”
