National News
UK Launches DCTS in Nigeria to Improve Trading
UK Launches DCTS in Nigeria to Improve Trading
By Our Reporter
The United Kingdom (UK) Government has launched the Developing Countries Trading Scheme (DCTS) in Nigeria, which offers one of the most generous sets of trading preferences in the world and demonstrates it’s commitment to building long term, mutually beneficial relationships with countries like Nigeria.
A statement on Wednesday revealed that the launch took place at the Eko Hotel in Lagos, and that the DCTS will come into force in the Spring of 2023, replacing the UK’s Generalised Scheme of Preferences.
According to the statement, the DCTS benefits 65 countries, 37 of which are African, and will mean that Nigeria benefits from duty free trade on over 9200 products., noting that this is significantly more generous than both the EU’s GSP scheme and the US’ AGOA scheme and, based on current trade volumes, would mean that 99% of goods exports to the UK are duty free.
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 free and fair trade with developing countries, boosting the economy and supporting jobs in those countries, as well as in ours.”
The statement revealed that this work is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate poverty.
Key aspects of the DCTS, according to the statement include, dramatically cutting tariffs for Nigeria so that 3000 new products are duty free for the first time. The average existing tariff on these goods is 7% meaning these changes make Nigerian exports more competitive in the UK.
“Many tariff reductions are on value added goods such as processed sesame oil, cotton clothing and cocoa butter and paste and complement existing duty free trade on raw products.
“Making it simpler for Nigeria to get and retain these enhanced tariffs by removing the need for Nigeria to ratify and implement certain international conventions. At the same time, the basis for potential suspension from the scheme has been broadened to include environmental as well as human right and labour rights considerations.
“Making rules of origin more generous for Nigeria’s least developed country neighbours to make it easier for them to use components from Nigeria in their duty free exports to the UK
“Ensuring that goods which are genuinely competitive from countries like India and Indonesia do not get preferential tariffs, protecting the preferences of Nigerian businesses in key sectors such as leather goods and textiles.
The statement revealed that a number of key products have been identified which Nigeria already exports to the world but not the UK include cocoa, cotton, fertilizers, flowers, frozen shrimp/prawns, petrochemicals, plantain, sesame and tomatoes, which tariffs have been either reduced or removed.
UK Launches DCTS in Nigeria to Improve Trading
National News
Ogidigben $20 billion Gas Project: Nigeria Receives Investment Commitment from Chinese Firm
Ogidigben $20 billion Gas Project: Nigeria Receives Investment Commitment from Chinese Firm
By: Michael Mike
The federal government has received a commitment from a Chinese firm, China National Chemical Engineering International Corporation Ltd (CNCEC), to support the development of the $20 billion Ogidigben Gas Project in partnership with Nigerian stakeholders in a restructured funding partnership.
The commitment was given to the Director-General of the Nigeria-China Strategic Partnership (NCSP) Joseph Tegbe who is presently leading a team to China to market Nigeria and its opportunities for investment.
A press statement on Monday read that Tegbe held strategic sessions with renowned Economist and former World Bank Director Prof Justin Lin Yifu, who pledged support for the NCSP office in areas of policy implementation, reforms, and attraction of Chinese investments.
The Director General delegation was also hosted by China National Chemical Engineering International Corporation Ltd (CNCEC), whose President Li Zhenyi, expressed his company’s commitment to contributing to Nigeria’s economic growth through construction and industrialization specifically their strong desire to support the development of the $20 billion Ogidigben Gas Project in partnership with other Nigerian stakeholders in a restructured funding partnership.
The Director-General acknowledged CNCEC’s technical capabilities and their previous accomplishments; and also reiterated the bold and audacious support of President Bola Tinubu on the major developmental projects across Nigeria as national priority to fast track the nation’s industrialization.
Tegbe’s visit to China was as part of the Forum on China-Africa Cooperation (FOCAC) projects coordination, and investment drive, and he has continued to have strategic engagement with key Chinese stakeholders to deepen the bilateral cooperation. The visit aimed to review priority FOCAC projects, explore innovative funding options, and attract major Chinese investments into Nigeria.
In Beijing, the Director-General met with representatives from China EXIM Bank and China Development Bank to discuss accelerated delivery of priority projects. The delegation also visited the China Communications Construction Company (CCCC) Headquarters, where they toured a 2.5 million eggs-per-day production poultry farm, a visit to the firm aimed at assessing the feasibility of replicating similar projects in Nigeria using innovative funding models, such as the part contractor-financed, BOT, among others as recently adopted in other China financed projects.
During the visit, the delegation moved to Xinjiang where they visited TBEA, the number 1 electricity corporation in China and leading power transmission enterprise. They discussed status of their project and explored investment options and opportunities in mini and microgrid solutions to enhance Nigeria’s power sector.
The delegation’s next stop was at Shanghai where they made a courtesy call to the Nigeria Consulate in Shanghai, engaging in productive discussions about trade and investment opportunities in the region. These conversations focused on facilitating growth in key areas and exploring ways to enhance cooperation between the Consulate’s trade mission and the Director-General’s office.
The delegation thereafter visited the impressive Yangshan Deep-Water Port, also known as Shanghai Port. This massive port is currently the largest in the world, was constructed by China Harbor Engineering company, who also constructed the Lekki Deep Sea Port in Nigeria. The port
boasts an incredible capacity of 51 million twenty-foot equivalent units (TEUs). During their visit, the delegation had the opportunity to cross the remarkable 35-kilometre bridge, specifically designed for the evacuation of men and materials from the port. This bridge is a testament to China’s impressive engineering capabilities.
According to the statement, before leaving China, the delegation is expected to engage key players in Chinese economy in Shenzhen, and Guangzhou to facilitate and fast-track FOCAC project implementation through familiarization and feedback sessions with the relevant participating companies.
The statement added that “the ongoing visit is part of the Nigeria-China Strategic Partnership’s efforts to strengthen bilateral relations and promote economic cooperation between the two nations, an initiative that aligns with President Bola Tinubu’s vision for Nigeria’s economic growth and development, particularly in areas such as infrastructurb development, technology transfer, and job creation.
Ogidigben $20 billion Gas Project: Nigeria Receives Investment Commitment from Chinese Firm
National News
AT 2025 WEF, VP Shettima Markets Nigeria, Africa As Investment Destination
AT 2025 WEF, VP Shettima Markets Nigeria, Africa As Investment Destination
** Says Africa Has Indeed Woken Up
By: Our Reporter
Vice President Kashim Shettima has said serious investors can now take unfettered advantage of Nigeria’s growing investment climate to tap from the limitless opportunities in the country and the African continent.
VP Shettima spoke on Tuesday during a forum titled, “Roadmap to Co-create Investment Opportunities for Africa’s Frontier Markets,” at the ongoing annual meeting of the 2025 World Economic Forum ( WEF) in Davos, Switzerland.
At the session which was co-chaired by Mirek Dusek, Managing Director of World Economic Forum, and chaired by Marie-Laure Akin Olugbade, Senior Vice President, African Development Bank (AFDB) group, discussions focused on the Humanitarian and Resilience Investing Roadmap for Africa.
He told the forum that the tales they hear about the country and the African continent as a whole are really not that of doom and gloom as being painted by doomsday proponents.
The Vice President noted that Nigeria is poised to invade the global business platform with modernisation and robust investments, assuring that President Bola Ahmed Tinubu, a seasoned chartered accountant, is working to make the nation an investment destination in Africa.
“For 20 years, I have been in the Nigerian banking industry. I was a general manager in Nigeria’s largest bank, Zenith Bank. I grew up in that ecosystem. The President himself is a seasoned chartered accountant. So, I believe that Nigeria is ready for business, Nigeria is ready to embrace the path of modernization with very robust investment,” he declared.
Acknowledging however that the nation may still have certain deficits, VP Shettima pointed out that Nigeria is looking up to the African Continental Free Trade Area (AfCFTA) to address the challenges.
He stated: “We are having a huge deficit but we are looking forward to the AfCFTA and that involves investing in infrastructure for instance the coastal highway from Calabar to Lagos is the largest single investment in Africa. We are building corridors to the North.
“We have the West African gas pipeline. We are thinking ahead of time akin to the Belt and Road Initiative. We are partnering with 14 African countries to invest in gas infrastructure down to Morocco.”
Senator Shettima insisted that Africa is not all about tales of doom and gloom, maintaining that the continent has woken up from its slumber.
Likening Napoleon Bonaparte’s opinion about China to the case of Africa, the VP said, “So, Your Excellencies, ladies and gentlemen, the stories you hear about Africa are not that of doom and gloom. From DRC to Somalia, South Africa, Egypt, Ethiopia, Ghana, and Cote d’Ivoire, Africa is waking up from its slumber.
“I remember what Napoleon Bonaparte said about China, he said “China is a sleeping giant but when she wakes up, she will rattle the world”. So, Africa has woken up and we will take our rightful place in the comity of nations because as I said earlier, the trajectory of global growth is facing Africa. We are the youngest continent.”
Also drawing a leaf from the late Nigerian head of state, Gen. Murtala Mohammed, VP Shettima said Africa has come of age and can no longer be treated like an adolescent.
“I want to quote Murtala Mohammed – a Nigerian military leader at an extraordinary summit of the OAU, about 50 years ago. He said “Africa has come of age, it is no longer under the orbit of any extra-continental power, and it shall no longer take orders from any country, however powerful,” he concluded.
Meanwhile, in a show of African leadership collaboration at the World Economic Forum in Davos, Nigeria’s Vice President, Senator Shettima, on Tuesday joined South African President, Cyril Ramaphosa, as special guest of honor at a high-level briefing, following his earlier participation in the Africa Investment Forum.
….VP Shettima, Botswana’s President Hold Talks
- Meet WTO DG, Okonjo – Iweala
Similarly, Vice President Kashim Shettima and the President of Botswana, Duma Boko, on Tuesday held a bilateral meeting where areas of mutual interest between both countries were discussed.
The meeting, which took place on the sidelines of the World Economic Forum 2025 in Davos, Switzerland, is part of Nigeria’s commitment to fostering stronger intra-African relations and economic cooperation.
Both leaders emphasized the importance of leveraging their countries’ strengths to promote mutual growth and development.
The Vice President, who congratulated President Duma Boko on his election victory, called for deeper partnerships and collaborations between African nations, saying it is time Africa united and presented a common front on interests regarding the continent.
During the meeting, Vice President Shettima welcomed the Director General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, introducing her to the Botswana President.
The Vice President commended Dr. Okonjo-Iweala’s exceptional achievements, describing her as one of Africa’s finest.
Other areas of interest discussed between the two leaders included trade, investment and strengthening of diplomatic ties.
AT 2025 WEF, VP Shettima Markets Nigeria, Africa As Investment Destination
National News
Niger Tanker Explosion: VP Shettima Expresses Dismay Over Loss Of Lives
Niger Tanker Explosion: VP Shettima Expresses Dismay Over Loss Of Lives
By: Our Reporter
Vice President Kashim Shettima has expressed dismay at the devastating tanker explosion that claimed several lives at Dikko Junction in Niger State.
He commiserated with families of the victims, assuring them of the federal government’s commitment to preventing future occurrences.
The Vice President extended his heartfelt condolences to the bereaved families, as well as the government and people of Niger State.
The Vice President’s message follows President Bola Ahmed Tinubu’s earlier directive for immediate medical assistance to survivors and the implementation of stricter safety protocols along major highways.
The incident, which occurred when a fuel-laden tanker en route from Kaduna to Gwagwalada overturned at Dikko Junction, has prompted the federal government to announce a comprehensive review of transportation safety measures.
The Preident has also tasked the National Orientation Agency with launching an immediate nationwide awareness campaign on the dangers of approaching accident scenes involving fuel tankers.
Niger Tanker Explosion: VP Shettima Expresses Dismay Over Loss Of Lives
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