The United Kingdom has announced a significant move to cut tariffs on products from developing countries, including Nigeria.
The British High Commission in Abuja released a statement on Monday stating that the step was taken to restore trading rules and save businesses and consumers millions of pounds a year.
This comes as part of the country’s new post-Brexit Developing Countries Trading Scheme covering at least 60 nations and commencing action today.
The scheme removes or reduces tariffs and simplifies trading rules, making it more generous than the EU scheme the UK was previously a member of.
The scheme is expected to benefit developing countries looking to diversify and increase exports, driving their prosperity and creating jobs.
Over time, as developing countries increase trade with the UK under the scheme, businesses could save millions more on import costs.
The minister of International Trade, Nigel Huddleston, unveiled the scheme while visiting Ethiopia’s largest industrial business park, Bole Lemi, describing it as a brilliant example of the UK taking advantage of its status as an independent trading nation.