April 14, 2024

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UK Slash Export Duty for Nigerians by 90%

0 14
Non-oil export

CEM REPORT, TRADE | From April 2023 goods exported from Nigeria to the United Kingdom (UK) will pay reduced tariffs on duty-free trade up to 90 .

The UK says the move is intended to help exporters and other people in the trading business to make the United Kingdom an export destination.

Deputy British High Commissioner to Nigeria, Ben Llewellyn-Jones, at the launch of the Developing Countries Trading Scheme (DCTS) in Lagos stated that the move to cut tariffs from Nigerian exports will further reduce import costs to the sum of £750 million per year for the British consumer, he added:

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“The UK Government has reduced the tariffs of 90 per cent of goods that Nigeria would export to our country and has also provided a preferential trading scheme for a range of other exports that the country might have.

“We have reached out to small and large businesses in different parts of the country and this is intended to help exporters and other people in the trading business to make the United Kingdom an export destination.”

This will boost Nigeria’s non-oil export trade as trade volume between UK and Nigeria hits 2.2 billion pounds in 2022 according to Deputy British High Commissioner to Nigeria.

“We have to change focus to the non-oil sector but this takes time, but we are working with experts from Nigeria Export Promotion Council and the Federal Government to grow the economy through expanding of its export.

“The key challenges for exporters are finding key partners in the UK to sell their products but we are working on ensuring that we link exporters with potential buyers so as to ensure there is enough demand and supply.”

Senior Commercial Agriculture Adviser, Foreign Commonwealth and Development Office (FCDO), Simon Calvert, added Nigeria does not require international conventions to enjoy the benefits of the Developing Countries Trading Scheme.

He also noted that cutting tariffs for Nigeria would ensure that 3000 new products are duty-free for the first time as the average existing tariff on these goods is seven per cent, meaning these changes make Nigerian exports more competitive in the UK.

Many tariff reductions are on value-added goods such as processed sesame oil, cotton clothing and cocoa butter and paste and complement existing duty-free trade on raw products.

“We have made it simpler for Nigeria to get and retain these enhanced tariffs by removing the need for Nigeria to ratify and implement certain international conventions.”

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