Introduction:
The UK’s Developing Countries Trading Scheme (DCTS) is a game-changer for Nigerian businesses. With duty-free access to the UK market on 99% of exports, Nigerian entrepreneurs can now expand their reach and competitiveness globally.
What does this mean for Nigeria?
The DCTS allows Nigeria to export over 3,000 products duty-free or at reduced tariffs to the UK. This includes agricultural products like cocoa, yam, and tomatoes, as well as processed and value-added products like cocoa paste and palm oil.
Benefits for Nigerian Businesses:
- Increased competitiveness in the global market
- Simplified export rules and reduced tariffs
- Potential for economic growth and job creation
What’s next?
The UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) will work closely with Nigeria’s Ministry of Industry, Trade and Investment to ensure Nigerian businesses fully leverage the DCTS.
