UK to reduce tariffs on products from Nigeria

PUNCH

The United Kingdom has announced its readiness to cut tariffs on products from Nigeria and other developing countries.

According to a statement released on Monday by the British  High Commission in Abuja, the step was to restore trading rules, save businesses and consumers millions of pounds a year.

This came following the country’s new post-Brexit Developing Countries Trading Scheme scheme covering not less than 60 nations and commencing action today.

The scheme removes or reduces tariffs and simplifies trading rules so that more products qualify for the scheme, making it more generous than the EU scheme the UK was previously a member of.

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.”

The minister of  International Trade, Nigel Huddleston unveiled the scheme while on a visit to Ethiopia’s largest industrial business park, Bole Lemi, described it as a brilliant example of the UK taking advantage of its status as an independent trading nation and I am excited to see it implemented today.