NewsOnline reports that the UK Government announced it had reduced tariffs on duty-free trade in goods exported from Nigeria.
This was disclosed by Mr Ben Llewellyn-Jones, Deputy British High Commissioner to Nigeria at the launch of the Developing Countries Trading Scheme (DCTS) in Lagos.
He stated the move which will take effect from April 2023 will boost Nigeria’s non-oil export trade as trade volume between UK and Nigeria hits 2.2 billion pounds in 2022.
Import costs: Llewellyn-Jones revealed the move to cut tariffs from Nigerian exports will reduce import costs to the sum of £750 million per year for the British consumer, he added:
Non-oil exports: The UK envoy added that it will also enable the growth of non-oil export-based jobs in Nigeria and create jobs in Nigeria.
Trade volume: Llewellyn-Jones added that trade volume between both nations was 2.2 billion pounds for the year 2022, citing that the oil and gas sector still makes up a bulk of trade activity, adding:
Mr Simon Calvert, Senior Commercial Agriculture Adviser, Foreign Commonwealth and Development Office (FCDO) 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.
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The Nigerian Export Promotion Council (NEPC) revealed that Non-oil-based exports in Nigeria grew by 39.91% in 2022 to $4.820 billion. Semi-processed/manufactured products made up 36.61% of the exports beating Agriculture’s 30.12% volume of non-oil exports.
NEPC added Nigeria’s Non-oil exports record for 2022 reached its highest since the establishment of NEPC 47 years ago, acknowledging export intervention programmes by the NEPC over the years, they said:
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