The United Kingdom and Nigeria have reaffirmed their commitment to deepening economic cooperation through the UK’s Developing Countries Trading Scheme (DCTS).
The countries reaffirmed the commitment at a workshop organised by the United Kingdom Department for Business and Trade, in collaboration with Nigeria’s Federal Ministry of Industry, Trade and Investment, yesterday in Lagos.
The workshop sought to equip stakeholders with insights into how the scheme is reshaping global trade dynamics and brief participants on standards and requirements to export agrifood to the United Kingdom.
The News Agency of Nigeria (NAN) reports that DCTS, launched in June 2023, is designed to make trading with United Kingdom easier, more accessible and profitable for fast-growing developing countries, including Nigeria.
Mrs Gertrude Orji, Director, Investment Promotion Department, Federal Ministry of Industry, Trade and Investment, said at the workshop that the initiative underscored the shared commitment to deepen economic bilateral cooperation.
According to her, United Kingdom is currently the third largest investor in Nigeria, while Nigeria is the second largest destination for UK investment in Africa. She said that 98 per cent of the investment was in the oil and gas sector.
According to her, DCTS is coming at a critical time when Nigeria is intensifying efforts to diversify its export base beyond oil and strengthen its participation in global value chains.
Orji, however, emphasised the importance of understanding trade rules to maximise benefits from the scheme. “Stakeholders must have a clear understanding of the rules of origin, documentation requirements, product standards, and trade facilitation measures under the scheme,” she said.
She added that the workshop was essential for bridging information gaps, strengthening institutional coordination, enhancing competitiveness of Nigerian exports in the United Kingdom market.
“For Nigeria, this means expanded market access for key non-oil exports such as agricultural produce, textiles, leather, processed food and manufactured goods. “Beyond market access, the DCTS aims to encourage value addition, industrial growth and export diversification.”
