Connect with us

News

UK Introduces New Trading Rules for Developing Countries

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

Published

on

FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

By: Michael Mike

The Federal Government has reaffirmed its commitment to comprehensive reforms in Nigeria’s correctional system, the deployment of technology to strengthen border security, and the entrenchment of financial integrity across public institutions.

The Minister of Interior, Olubunmi Tunji-Ojo, made this known on Wednesday in Abuja while receiving the President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, who led a delegation on a courtesy visit.

Tunji-Ojo emphasized that reforming the nation’s correctional system remains a top priority, stressing that the focus must extend beyond incarceration to rehabilitation and reintegration of inmates into society.

“Government has a duty of care to its citizens. Even where freedom is restricted by law, those in custody must be treated with dignity and given opportunities to return to society better than they came,” he said.

He noted that the shift from the Prisons Act to the Nigerian Correctional Service Act marked a deliberate transition toward a system that prioritizes reformation over mere detention.

On border management and internal security, the Minister disclosed that the Correctional Information Management System (CIMS) now contains over 50 million records compiled from operations at seaports and airports, with ongoing integration of land border data.

According to him, the system enhances the government’s ability to detect irregularities and prevent unauthorized entry, aligning with modern security strategies that prioritize proactive measures over reactive responses.

“We are building systems that can stop problems before they happen, not just respond after the damage is done,” he added.

Addressing financial governance, Tunji-Ojo stressed the importance of strengthening internal controls across government institutions, noting that preventive mechanisms are more effective than post-incident audits.

“It is not enough to detect issues after they occur. The goal is to build systems that make such issues difficult to happen in the first place,” he said.

He called on professional bodies such as ICAN to deepen their collaboration with government, particularly in areas of revenue assurance, transparency, and institutional accountability, while also encouraging stronger public-private partnerships to enhance efficiency and boost investor confidence.

On infrastructure, the Minister highlighted the need to expand fire and rescue services nationwide, pointing out that innovative funding models, including private sector participation, would be crucial to achieving this goal.

Tunji-Ojo also congratulated ICAN on its leadership and its upcoming West Africa Accountants Conference 2026 scheduled for December 2026, assuring the institute of government support. He further commended the increasing representation of women in professional leadership, describing it as a positive sign for the future.

Earlier, ICAN President Haruna Yahaya applauded the Ministry’s ongoing reforms and proposed the creation of a Joint ICAN–Ministry Financial Integrity and Revenue Assurance Task Force.

He explained that the initiative would target key areas including revenue assessment within the Nigeria Immigration Service, payroll analysis across uniformed services, and procurement risk review, with the aim of reducing leakages and strengthening accountability across government operations.

FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems

Continue Reading

News

Security forces foil rustling, recover 22 animals in Katsina

Published

on

Security forces foil rustling, recover 22 animals in Katsina

By: Zagazola Makama

Security operatives in Katsina State have foiled a livestock rustling attempt and recovered 22 stolen animals in Jibia Local Government Area.

Police sources said the incident occurred in the early hours of April 12 following a distress call received at about 12:45 a.m. that suspected armed bandits had rustled livestock from neighbouring Niger Republic.

According to the sources, the Divisional Police Officer (DPO) of Jibia swiftly mobilised a joint team comprising police, military and community watch personnel to the area.

They added that the operatives strategically blocked the escape routes of the suspects and engaged them in a gun duel.

“The superior firepower of the security team forced the bandits to abandon the rustled animals and flee into the bush,” the sources said.

The sources disclosed that all 22 sheep and goats were recovered intact during the operation.

They noted that the area has been cordoned off, while aggressive clearance operations are ongoing to apprehend the fleeing suspects.

Further developments will be communicated as investigations continue, the sources added.

Security forces foil rustling, recover 22 animals in Katsina

Continue Reading

News

Troops neutralise several terrorists in ambush operation in Borno

Published

on

Troops neutralise several terrorists in ambush operation in Borno

By: Zagazola Makama

Troops of the Joint Task Force, North-East, Operation Hadin Kai, have neutralised several Boko Haram terrorists during an ambush operation in Bama Local Government Area of Borno State.

Security sources said the incident occurred at about 2:33 a.m. on April 13 when an ambush team of 202 Battalion deployed at Bravo Kilo sighted a terrorist crossing the parapet at a defensive company location.

According to the sources, the troops engaged and neutralised five of the suspect on sight.

The sources added that the operation is part of ongoing clearance and ambush missions aimed at denying terrorists freedom of movement in the North-East theatre.

Troops neutralise several terrorists in ambush operation in Borno

Continue Reading

Trending

Verified by MonsterInsights