The United Kingdom has reaffirmed that 99 per cent of Nigerian exports will maintain duty-free access under its Developing Countries Trading Scheme (DCTS).
The British High Commission in Nigeria made the announcement via a post on its official X handle, emphasising the UK’s commitment to fostering economic growth between the two nations.
“Our commitment to UK-Nigeria Economic growth remains strong.
“Nigerian exporters can continue to benefit from the UK’s Developing Countries Trading Scheme which offers 99% duty-free access on goods,” the post read.
The DCTS, introduced in 2023 to replace the Generalised Scheme of Preferences (GSP), aimed to support developing countries, including Nigeria, by cutting tariffs, removing conditions, and simplifying trading rules.
This preferential trading scheme benefits not only developing countries but also UK businesses and consumers by reducing import costs on thousands of products.
The scheme simplified trading rules to facilitate trade between the UK and developing countries.
The DCTS cut tariffs on goods from developing countries to support their development.
The scheme also benefits UK businesses and consumers by reducing import costs on thousands of products.
