The government of the United Kingdom has drastically streamlined trade regulations for Nigeria and 65 other African countries.
Vanguard reported that the UK will eliminate taxes on products including tomatoes, chocolate, and other items under the new regulations.
The move will help the country’s firms and consumers save millions of British Pounds each year under its new post-Brexit Developing Countries Trading Scheme scheme, which started yesterday.
With the reduction of taxes on items like cocoa paste (4.5 percent), fruit juices (26.5 percent), and prepared tomatoes (14 percent), among others, Nigeria would now have expanded preferential access to around 3,000 products.
The UK’s Minister for International Trade, Nigel Huddleston, said during the program’s debut that the new programme will be more generous than the EU scheme.
“The program will help countries that are looking to diversify and boost exports, driving their prosperity and creating jobs,” he stated.
“I am thrilled to see today’s implementation of the DCTS scheme because it is an excellent illustration of how the UK is utilizing its position as an independent trading nation.
“It will open doors for enterprises all over the world, enhancing livelihoods, generating employment, and expanding domestic and global supply chains. By reducing import costs on a wide range of goods, it will also help UK firms and consumers.
The deputy high commissioner of the United Kingdom to Lagos, Ben Llewellyn-Jones, said: “Nigeria is one of the United Kingdom’s most important partners in Africa, and the UK Government is committed to working with Nigerian firms and exporters to boost trade between our two great nations.
“Nigeria and other rising economies are helped to thrive and prosper by the UK’s developing countries trading scheme.”
He claimed that the elimination of tariffs on more than 3000 common goods that Nigeria now exports, such as cocoa, cotton, plantains, flowers, fertilizers, tomatoes, frozen shrimps, and sesame, is one of the main advantages of this new UK trading system.
“The main objective of the new program is to increase commerce with developing countries, which will help those nations’ economies and support jobs here in the United States.UK modifies business laws for Nigeria, 65 other nations
