UK modifies business laws for Nigeria and 65 other nations

The government of the United Kingdom has greatly streamlined the commerce regulations for Nigeria and 65 other African nations.
The UK will eliminate taxes on products including tomatoes, cocoa, and other items under the new regulations.
The action would help the countries' firms and consumers save millions of British Pounds each year under its new post-Brexit Developing Countries Trading Scheme (DCTS) scheme, which started yesterday.

With the reduction of tariffs on items like cocoa paste (4.5%), fruit juices (26.5%), and prepared tomatoes (14%) among others, Nigeria would now have expanded preferential access to around 3,000 products.
Nigel Huddleston, the UK's Minister for International Trade, said during the scheme's debut that the new program will be more generous than the EU program.
The program will help developing nations looking to diversify and boost exports, boosting their income and generating jobs, he added. I am thrilled to see today's implementation of the DCTS plan since 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. Reducing import costs on a wide range of goods will also help UK firms and consumers."
Ben Llewellyn-Jones, the deputy high commissioner of the UK in Lagos, said: "Nigeria is one of the UK's most significant partners in Africa, and the UK Government is committed to working with Nigerian businesses 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.

"The overarching goal of the new scheme is to grow trade with developing countries, boosting the economy and supporting jobs in those countries, as well as in ours," states a statement about the scheme. "One major benefit of this new UK trading scheme is that it abolishes tariffs on over 3000 everyday products that Nigeria currently exports, including cocoa, cotton, plantain, flowers, fertilizers, tomatoes, frozen shrimps, and sesame. Vanguard discovered that several important goods that Nigeria currently sells to other countries but not the UK have been identified.
One of these is cocoa, for which the tariffs on cocoa paste (4.5%) and butter (2.5%) have been lifted. As always, cocoa is tax-free. Each year, Nigeria exports butter and paste worth about £40 million and £10 million, respectively. Nigeria now only accounts for less than 2% of the yearly £250 million worth of cocoa butter imported by the UK. Every year, the UK imports cocoa paste for about £40 million, but not any from Nigeria. This is what the Nigerian Export Promotion has noted.