UK to strengthen trade relations with Nigeria, another 64 use new trade scheme

• Nigeria, including 64 other countries in Africa and around the world, has reached an agreement for a trade plan
• The scheme will see Nigerians, and the countries included, export different goods without tariffs.
• The UK has been working to improve economic relations with other countries since it decided to leave the European Union.

The UK government has introduced a Developing Country Trade Scheme (DCTS) which will help strengthen its relationship with Nigeria and 64 other countries.

The DCTS, which started in 2023, will replace the UK’s Generalized Preference Scheme and offer one of the most generous sets of trade preferences in the world.

According to Vanguard, the scheme was launched in Lagos on Wednesday, January 25, 2023.

DCTS will mean Nigeria will benefit from duty-free trade on over 9,200 products.

UK Trade Scheme Details

Ben Llewellyn-Jones, the UK’s Deputy High Commissioner in Lagos, revealed at the launch that the UK has been working with Nigerian exporters and businessmen to expand trade between the two nations.

He went on to say that Nigeria and other emerging economies can flourish and prosper thanks to the UK’s Developing Country Trading Scheme, which harnesses the power of trade.

His words:

“A major benefit of this new UK trade scheme is that it removes tariffs on more than 3,000 everyday products Nigeria currently exports, including cocoa, cotton, bananas, flowers, fertilisers, tomatoes, frozen shrimp and sesame – the overall goal of the new scheme is to grow free and fair trade with developing countries, boosting the economy and supporting jobs in those countries, as well as ours.”

Llewellyn-Jones also said the new scheme is part of a broader effort by the UK to push a free trade and pro-growth agenda around the world, using trade to promote prosperity and help eradicate poverty. , reports Leadership.

Llewellyn-Jones added;

“This is significantly more generous than the EU GSP scheme and the US AGOA scheme and, based on current trade volumes, would mean 99 per cent of goods exported to the UK are duty free.”

UK publishes list of companies prepared to sponsor visas for qualified Nigerians

Meanwhile, in another report, legit.ng revealed that there is another way out for Nigerians who want to move abroad but lack the necessary funds

The UK government has published a list of over 68,000 licensed companies that can sponsor the relocation of skilled workers from Nigeria.

The companies are from technology, trade, engineering, media industry and also artisans.

Source: Legit.ng