UK’s planned trade scheme to boost Nigeria’s export by £14 bn- NEPC
The Developing Countries Trade Scheme (DCTS) recently launched by the United Kingdom (UK) will further support sustainable economic growth for Nigeria’s non-oil export sector.
The plan to reduce tariffs on duty-free trade in goods exported from Nigeria could potentially grow its exports to the UK from 0.3 per cent to 5 per cent share of the market by 2030 with a value of £14 billion.
The Executive Director/CEO of the Nigerian Export Promotion Council (NEPC) Dr. Ezra Yakusak stated this at a workshop organised by the UK-Africa Trade and Investment Service.
Dr. Ezra explained that the recent development by DCTS would boost trade with Least Developing Countries, LDCs through reduced tariffs as well as simplified Rules of Origin for LDCs.
He pointed out that the essence of NEPC’s participation was to sensitise the Nigerian exporting community to take advantage of the new scheme as well as provide veritable information that would proffer solutions to technical and operational challenges faced by Nigerian exporters.
Dr. Ezra stated that with the launch of the new scheme, Nigeria could potentially grow its exports to the UK from 0.3% to 5% share of the market by 2030 with a value of 14 billion Pounds.
According to him “The opportunity for Nigeria to increase its non-oil exports to the UK in sectors where supply currently exceeds the demand are Cocoa, fertilizers, Sesame, Ginger, and Cashew nuts. Others are Natural Rubber, Cotton, Frozen Prawn, Plantain, and Tomatoes”.
However, he lamented that several challenges have continued to inhibit the country from realizing its potential.
“These include issues of market access, access to affordable finance, cost and pricing, and poor regulatory regime/bureaucratic process among other infrastructural deficits such as bad road networks, power outages, and dilapidated port facilities leading to port congestions,” he said.
Under the new Scheme, DCTS is to replace the UK’s current Generalised System of Preference, GSP while Nigeria will now be benefiting from 9500 tariff lines.
