The UK has approved duty-free or reduced-tariff access for over 3,000 Nigerian products, including agricultural goods like cocoa and cashew, under its Developing Countries Trading Scheme (DCTS). This scheme allows for streamlined and preferential trade, with up to 99% of Nigerian exports benefiting from duty-free entry into the UK.
The UK’s Developing Countries Trading Scheme (DCTS) is designed to boost trade with developing nations by eliminating or reducing tariffs on a wide range of goods.
For Nigeria, this means that exporters can now access the UK market more easily, particularly for agricultural products like cocoa, cashew, and potentially other items like textiles.
Trade relationship between the two countries is already substantial, with a reported value of £7 billion, according to the British High Commissioner to Nigeria.
The DCTS is particularly beneficial for Nigeria’s non-oil exports, helping to diversify the country’s export base and reduce reliance on oil revenue.
UK and Nigeria have signed an Enhanced Trade and Investment Partnership (ETIP) to further strengthen their trade relationship.
The partnership aims to address some of the challenges faced by Nigerian exporters, such as complex regulations and lack of operational knowledge, by simplifying the process for trading certain goods.
There is significant potential for growth in Nigeria’s agricultural exports to the UK, particularly in areas like cashew, cocoa, and other products where Nigeria has a competitive advantage.