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UK Introduces New Trading Rules for Developing Countries

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UK Introduces New Trading Rules for Developing Countries

By Michael Mike

The United Kingdom (UK) said it has radically simplified trading rules and cut tariffs on products from developing countries, saving businesses and consumers millions of pounds a year.

A statement on signed by the
Senior Press & Public Affairs Officer | Comms Lead, Prosperity and Economic Development, Ndidiamaka Eze said the
UK’s new post-Brexit Developing Countries Trading Scheme (DCTS) scheme has entered into force on Monday and that it covers 65 countries, including Nigeria.

The statement said the scheme removes or reduces tariffs and simplifies trading rules so that more products qualify for the scheme, making it more generous than the EU scheme the UK was previously a member of.  

Eze, in the statement, said: “The scheme will benefit developing countries looking to diversify and increase exports, driving their prosperity and creating jobs. Over time, were developing countries to increase trade with the UK under the scheme, businesses could save millions more on import costs.

“In Nigeria, over 99% of goods exported from the country will automatically be eligible for duty-free access to the UK. Nigeria will receive enhanced preferential
access for almost 3,000 products. E.g. 4.5% removed on cocoa paste, 26.5% removed on fruit juices, & 14% removed on prepared tomatoes.”

Eze disclosed that the UK’s Minister for International Trade Nigel Huddleston launched the scheme while on a visit to Ethiopia’s largest industrial business park, Bole Lemi.

Speaking at the park, Minister Huddleston, was quoted to have said:
“This DCTS scheme is a brilliant example of the UK taking advantage of its status as an independent trading nation and I am excited to see it implemented
today.

“It will create opportunities for businesses around the world, supporting livelihoods, creating jobs and diversifying local and international supply chains. It will also benefit UK businesses and consumers by lowering import costs on a whole range of products.”

The Foreign, Commonwealth and Development Office’s Minister for Development and Africa, Andrew Mitchell, was also quoted to have said that: “The UK’s new trading scheme for 65 developing countries, DCTS, shows how we can use trade to deliver development.
“It will benefit traders around the world, including women-owned businesses, which we are supporting through the UK Trade Partnership programme.”

The scheme is to benefit businesses all over the world and British companies that trade with these countries in everyday products such as bicycles and camping
gear.

Speaking on the launch, UK Deputy British High Commissioner in Lagos, Ben Llewellyn-Jones said:“Nigeria is one of the UK’s most important partners in Africa and the UK Government is committed to working with Nigerian businesses and exporters to boost trade between our two great nations. The UK’s Developing Countries Trading Scheme harnesses the power of trade to help Nigeria and other emerging economies grow and prosper.

“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. The overarching aim 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.”

UK Introduces New Trading Rules for Developing Countries

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Nigeria, South Korea Deepen Cooperation in Creative Industry with K-pop-Afrobeat Collaborative Album Underway

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Nigeria, South Korea Deepen Cooperation in Creative Industry with K-pop-Afrobeat Collaborative Album Underway

By: Michael Mike

A collaboration between Afrobeat and K-pop is underway as Nigeria and South Korea deepens cooperation in the creative economy, using music as a bridge.

Artistes and producers from both countries staged a landmark Afrobeats–K-pop collaboration in Abuja with the plan to roll out a musical experiment of fusion of both afrobeat and K-pop.

The live production concert, tagged “K Music Production x Afrobeats,” was hosted by the Korean Cultural Center in Nigeria (KCCN) and brought together Korean vocal coach Seo Yena, music producer and composer Lee Haneung, and Nigerian Afrobeats artiste FirstKlaz for a joint recording and live performance.

The event underscored growing cultural diplomacy between both countries and highlighted the expanding global influence of Afrobeats, which has increasingly shaped contemporary pop sounds across Asia, Europe and North America.

Seo Yena said her journey into Afrobeats began in 2024 when she visited Nigeria as a vocal instructor under a KCCN programme, an experience she described as transformative.

“That was my first real contact with Nigerian music,” she said. “Working with Nigerian singers made me curious about Afrobeats, so I started researching it and thinking about how to connect it authentically with Korean music.”

She explained that the collaboration deliberately blended the relaxed groove and rhythmic flow of Afrobeats with the structured vocal delivery and powerful climaxes typical of K-pop.

“Afrobeats has a calm, flowing feel, while Korean pop focuses on clarity and emotional intensity. The idea was not to overpower one with the other, but to allow both identities to shine,” she said.

Producer Lee Haneung described the partnership as a significant creative challenge and a step toward building a more balanced global music ecosystem.

“Afrobeats is now a major force in world music, and its influence is already present in K-pop,” he said. “But too often it feels like borrowing. I wanted to understand Afrobeats from its source and create something sincere that respects both cultures.”

Nigerian artiste FirstKlaz said he welcomed the collaboration because of his long-standing interest in Korean music, adding that the creative process was seamless.

“I love K-pop, so when I got the invitation, I was excited,” he said. “The studio sessions were full of pure energy. I wrote and sang my parts, and the collaboration felt natural.”

Although a release date has not yet been announced, KCCN confirmed that the collaborative track is being prepared for commercial release and forms part of a broader plan to deepen partnerships between Korean producers and Nigerian artistes.

The Centre said the initiative aligns with efforts by both countries to grow their creative industries, promote cultural exchange and position music as a viable driver of youth employment, innovation and global engagement.

As Afrobeats continues to gain traction worldwide and K-pop expands its global reach, the Abuja collaboration signals a new chapter of cross-continental creativity—one rooted not in imitation, but in mutual respect and shared artistic growth.

Nigeria, South Korea Deepen Cooperation in Creative Industry with K-pop-Afrobeat Collaborative Album Underway

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FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises

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FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises

By: Michael Mike

The Federal Government is set to tighten oversight and raise performance standards across its portfolio of state-owned enterprises with the launch of the MOFI Excellence Awards, a new accountability-driven initiative scheduled for the second quarter of 2026.

The awards, to be introduced by the Ministry of Finance Incorporated (MOFI), are aimed at institutionalising transparency, discipline and measurable performance in Federal Government-owned enterprises, marking a shift from discretionary oversight to structured, benchmarked governance.

MOFI said the initiative is part of broader reforms aligned with President Bola Ahmed Tinubu’s economic agenda, which seeks to improve fiscal discipline, unlock value from public assets and reduce the burden of inefficient enterprises on the national treasury.

At the core of the process is the MOFI Corporate Governance Scorecard, launched in April 2025, which now serves as a standardised tool for assessing Boards and management teams against international best practices in transparency, risk management and compliance.

An independent technical panel, inaugurated in December 2025 by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, will conduct the assessments. Portfolio companies will be evaluated using strict criteria, including regulatory compliance, Board effectiveness, financial controls and sectoral impact.

According to MOFI, the awards are not intended as ceremonial recognition but as a mechanism to drive behavioural change across public enterprises by linking governance quality to reputational standing and future oversight.

“The MOFI Excellence Awards represent a structural reset in the way public enterprises are managed,” the Ministry said in a statement. “Transparency is no longer optional, compliance is measurable, and performance outcomes are central to fiscal responsibility.”

Institutions that emerge as top performers will be recognised for demonstrating strong governance culture, operational discipline and accountability, while underperforming entities are expected to face closer scrutiny and corrective interventions.

MOFI said the initiative will also provide policymakers with clearer data on enterprise performance, enabling more informed decisions on restructuring, capital allocation and potential private-sector participation.

Analysts say the move could signal a turning point in public enterprise management, particularly if the scorecard and awards framework is consistently applied and tied to consequences.

Further details on the awards and governance framework are available on MOFI’s official website, www.mofi.com.ng.

FG to Enforce Governance Standards as MOFI Introduces Excellence Awards for Public Enterprises

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$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

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$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

By: Michael Mike

Nigeria’s push to strengthen food security and cut dependence on poultry imports is set to gain fresh momentum as the $1 billion National Integrated Poultry Project moves into its pilot phase in Enugu, Kaduna and Oyo states.

The project, driven under the Nigeria–China Strategic Partnership (NCSP), is designed as one of the most ambitious agricultural investments in the country’s history, targeting large-scale egg and meat production, expanded feed cultivation and direct support for local farmers.

Director-General and Global Liaison of the NCSP, Joseph Tegbe, announced the take-off of the pilot phase at the weekend during the Chinese New Year Temple Fair in Abuja, held to mark the 55th anniversary of diplomatic relations between Nigeria and China.

According to Tegbe, the initiative is structured to go beyond commercial farming. When fully operational, it is expected to produce about six million eggs daily, house more than seven million laying birds and over two million broilers, while supporting the cultivation of more than 60,000 hectares of maize and soybeans for feed.

He said the scale of the project positions it as a game-changer for Nigeria’s poultry value chain, with direct implications for employment, farmer incomes and food affordability.

“This is not just a farming project. It is a strategic intervention to stabilise food supply, create jobs across the value chain and restore dignity to agricultural livelihoods,” Tegbe said.

A key component of the initiative, he explained, is the provision of subsidised feedstock, which will not only serve the integrated farms but also support existing poultry farmers who have been hit by rising feed costs.

Beyond agriculture, Tegbe highlighted parallel Nigeria–China collaboration in heavy industry, particularly the planned revitalisation of the Ajaokuta Steel Complex. He said renewed operations at Ajaokuta are projected to yield up to 10 million metric tonnes of steel annually, potentially reshaping Nigeria’s industrial landscape.

“A functional Ajaokuta will power manufacturing, unlock jobs and reposition Nigeria as an industrial force in Africa,” he said, adding that the government is determined to translate long-standing plans into measurable economic outcomes.

On human capital development, Tegbe noted that educational and knowledge-exchange programmes between Nigeria and China are expanding, with more scholarships, joint research initiatives and industrial parks in the pipeline to support technology transfer and innovation.

China’s Chargé d’Affaires to Nigeria, Zhou Hongyou, said the poultry project and other joint initiatives reflect the maturity of bilateral relations built over 55 years. He described the Year of the Horse—under which the celebration falls—as symbolic of hard work, perseverance and progress, values he said mirror the trajectory of Nigeria–China cooperation.

Also speaking, Director of the China Cultural Center in Nigeria, Yang Jianxing, described the growing partnership as one rooted in mutual trust and shared development, stressing that cooperation must continue to deliver concrete benefits for ordinary Nigerians.

The anniversary celebration featured cultural performances, exhibitions and a showcase of Chinese traditions, underscoring the people-to-people dimension of the Nigeria–China relationship as both countries pursue deeper economic and cultural ties.

$1bn Poultry Mega Project to Drive Food Security, Jobs Hit Homestead as Pilot Begins in Three States

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