General News
Nigeria to Benefit from Duty Free Trade on 99% of Goods Exported to the UK
UK government on Wednesday said it had cut tariffs and extended duty free trade in goods exported from Nigeria
UK Deputy High Commisisoner, giving the keynote address today in Lagos
Mr Ben Llewellyn-Jones, Deputy British High Commissioner to Nigeria said this at the launch of the Developing Countries Trading Scheme (DCTS) which took place at Eko Hotel and Suites, Victoria Island, Lagos.
Llewellyn-Jones said the scheme would help to boost Nigeria’s non- oil exports in line with the Federal Government’s wider trade policy objectives and take off in April 2023.
He noted that the scheme would reduce import costs by over £750 million per year, thereby reducing prices, and increase choice of UK consumers and businesses as well.
“The Uk Government has reduced the tariffs of 90 per cent of goods that Nigeria would export to our country and has also provided preferential trading scheme for range of other exports that the country might have.
“ We have reached out to small and large businesses in different parts of the country and this is intended to help exporters and other people in the trading business to make the United Kingdom an export destination.
“This would also serve as an opportunity to grow the non oil and gas sector in Nigeria and create jobs in the country, and most importantly, we are reaching out to people at the grassroot level so they can know what we are doing.
“The DCTS is much more generous and simpler than the existing Generalised Scheme of Preferences (GSP),” he said.
Llewellyn-Jones revealed that the trade volume between both countries for year 2022 was 2.2 billion pounds, noting that the oil and gas sector accounted for majority of the trade.
He stressed on the importance of expanding the market and diversifying into other sectors including exportation.
“We have to change focus to non oil sector but this takes time, but we are working with experts from Nigeria Export Promotion Council and the Federal Government to grow the economy through expanding of its export.
“The key challenges for exporters is finding key partners in the UK to sell their products but we are working on ensuring that we link exporters with potential buyers so as to ensure there is enough demand and supply,” he said.
Mr Simon Calvert, Senior Commercial Agriculture Adviser, Foreign Commonwealth and Development Office (FCDO) noted that Nigeria does not require international conventions to enjoy the benefits under the DCTS.
He added that the Uk government would help exporters to access finances through its financial institutions.
He noted that by making the rules of origin more generous, neighbouring countries can easily make use of components from Nigeria in their Duty Free Exports to the UK
“Cutting tariffs for Nigeria would ensure that 3000 new products are duty free for the first time as the average existing tariff on these goods is seven per cent, 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.
“ We have made it simpler for Nigeria to get and retain these enhanced tariffs by removing the need for Nigeria to ratify and implement certain international conventions,” he said.
Damola Oladosu, an official with Boston Consulting Group, said that opportunities in the exporting market remained underutilised.
She said that the country could grow its exports to the UK by increasing production on certain products like cocoa, cotton, fertiliser, cashew amongst others. (NAN)
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
The Standards Organisation of Nigeria (SON) says it is intensifying efforts to standardise locally manufactured products, including Made-in-Aba brands, in order to enhance both local and international acceptance.
Aharanwa Chuks, Director of Region (South East), SON, communicated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Chuks said through the Mandatory Conformity Assessment Programme (MANCAP), SON ensured that all Nigerian-made products conformed to the relevant Nigerian Industrial Standards (NIS).
According to him, MANCAP involves direct engagement with manufacturers to certify that their products meet established quality benchmarks.
“This process includes inspecting production facilities, sampling products and testing them against NIS requirements.
“Successful compliance results in the issuance of the MANCAP certification, signifying adherence to quality standards.
“In Aba, SON has been proactive in educating manufacturers about standardization.’’
The director said SON also conducted stakeholder interactions; gathering manufacturers from various sectors to provide guidance on producing goods that met both local and international standards.
“For instance, leather manufacturers in Aba have been sensitized on standardization practices to enhance the global competitiveness of their products.
“Manufacturers are encouraged to collaborate with SON to obtain MANCAP certification, ensuring their products are not only marketable within Nigeria but also competitive internationally.
“This initiative aims to boost consumer confidence and promote the acceptance of Made-in-Aba products globally,” Chuks said.
Operatives of the Economic and Financial Crimes Commission (EFCC), has busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.
They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.
The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.
They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.
The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.
Items recovered from the suspects include phones, computers and other electronic gadgets.
They will be charged to court as soon as investigations are concluded.
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