Convened under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), the event brought together senior government officials, trade experts, and private sector leaders from both nations.

The discussions focused on unlocking Nigeria’s non-oil sectors: agriculture, manufacturing, and digital services; with the UK offering support through trade facilitation, investment promotion, and capacity building initiatives.

Opening the event, British Deputy High Commissioner Mr. Jonny Baxter reaffirmed the UK’s commitment to deepening bilateral trade relations, which was valued at £7.9bn in the12 months ending March 2025.

He reaffirmed the UK’s commitment to supporting Nigerian exporters through the Developing Countries Trading Scheme (DCTS), which provides generous tariff reductions and simplified trade rules.

Under the DCTS, over 3,000 Nigerian products stand to benefit from enhanced market access. These include produce such as ginger, cocoa, sesame seeds, cashew nuts, soya beans, and textiles, among others.

The British Deputy High Commissioner, Mr. Jonny Baxter, further said:

“Today’s dialogue marks a significant milestone in the UK-Nigeria partnership. It reflects our shared commitment to driving inclusive, sustainable economic growth through strategic exports diversification. By working together, government to government and with the private sector through our market development programmes like Propcom+, we are unlocking new opportunities for trade, investment, and innovation across key sectors.

“The UK remains a steadfast partner in supporting Nigeria’s ambition to stimulate economic growth. Through initiatives such as the Developing Countries Trade Scheme (DCTS) and our joint efforts with the Federal Ministry of Industry Trade and Investment (FMITI), on standards and export readiness, we are laying the foundation for long-term prosperity that benefits both our nations.” 

Also speaking, Ambassador Abba Nura Rimi, director of Trade and Investment, Mrs Orji Gertrude, representing Permanent Secretary, Federal Ministry of Industry, Trade and Investment, said

“This DCTS initiative comes at a critical time when Nigeria is intensifying efforts to diversify its export base beyond oil and strengthen its participation in global value chains. However, to fully harness these benefits, stakeholders must have a clear understanding of the rules of origin, documentation requirements, product standards, and trade facilitation measures under the scheme. Through partnerships like this with the UK’s Department for Business and Trade (DBT), we aim to reduce barriers to trade, improve competitiveness, and ensure that Nigerian products meet international market standards.”

Looking ahead, both countries reaffirmed their shared commitment to building resilient, diversified economies.

The dialogue concluded with a call to action for continued collaboration, knowledge exchange, and policy innovation to drive future trade and investment between both our countries.

Administered through the Bank of Industry (BOI) at an interest rate of 9%, these funds are targeted at enhancing economic revitalization and job creation.

Under the stewardship of Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, this initiative aligns with President Tinubu’s goal of generating 50 million jobs, ushering in economic prosperity.

The funds, categorized into the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, cater to diverse segments of the business sector, highlighting the government’s aim at facilitating entrepreneurship and innovation.

The PCGS, valued at N50 billion, targets Nano Business owners, with a commitment to support a minimum of 1,000 beneficiaries per Local Government Area (LGA) across the nation, prioritizing women and youth empowerment.

Beneficiaries of the PCGS are exempt from repayment obligations, provided they meet specific eligibility criteria.

Again , the FGN MSME Intervention Fund, valued at N75 billion, seeks to alleviate the challenges faced by Micro, Small, and Medium Enterprises (MSMEs), offering a maximum of N1 million per beneficiary at a 9% interest rate.

Similarly, the N75 billion FGN Manufacturing Sector Fund aims to bolster eligible manufacturing companies, extending support of up to N1 billion per beneficiary at a comparable interest rate, enabling growth and innovation within the sector.

In tandem with this initiative, the Corporate Affairs Commission (CAC) collaborated with Moniepoint Micro Finance Bank to register two million MSMEs, in a bid to formalize their operations.

Registrar-General/Chief Executive of CAC, Hussaini Ishaq Magaji, articulated the commission’s objective of formalizing 20 million small businesses this year, anticipating a surge in job creation and revenue generation.

The President, according information available to Techeconomy, has approved the appointment of 14 new Chief Executive Officers of agencies and parastatals under the Ministry.

All appointments are with immediate effect, meaning a sudden termination of the appointments of the personnel manning such agencies and parastatals under FMITI.

This is contained in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Friday in Abuja.

He said that the appointments were in line with Tinubu’s resolve to base Nigeria’s economic revival on the foundation of trade expansion through small, medium and large scale industry facilitation in the country.

The new chiefs executives are:

1. Corporate Affairs Commission (CAC) — Hussaini Ishaq Magaji, SAN,
2. Industrial Training Fund (ITF) — Afiz Oluwatoyin,
3. National Sugar Development Council (NSDC) — Kamar Bakrin
4. Nigeria Export Processing Zone Authority (NEPZA) — Olufemi Ogunyemi
5. Nigeria Export Promotion Council (NEPC) — Nonye Ayeni
6. Nigeria Investment Promotion Commission (NIPC) — Aisha Rimi
7. Oil & Gas Free Zone Authority (OGFZA) — Bamanga Jada
8. Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) — Charles Odii
9. Standards Organisation of Nigeria (SON) — Ifeanyi Okeke
10. Financial Reporting Council of Nigeria (FRCN) — Rabiu Olowo
11. Nigeria Commodities Exchange (NCE) — Anthony Atuche, CFA
12. Lagos International Trade Fair Complex (LITFCMB) — Veronica Ndanusa
13. Tafawa Balewa Square Management Board (TBSMB) — Lucia Shittu
14. National Automotive Design and Development Council (NADDC) — Oluwemimo Osanipin

Ngelale said that the president expects all new appointees to deliver in accordance with new key performance indicating benchmarks as established by the Federal Ministry of Industry, Trade and Investment (FMITI).

• The Developing Countries Trading Scheme (DCTS) covers 65 countries globally, 37 of which are African, including Nigeria.
• This DCTS, which came into force on 19 June, offers fast growing economies like Nigeria one of the most generous sets of trading preferences of any country in the world
• The DCTS also helps UK businesses access hundreds of products from Nigeria at lower prices, reducing costs for UK consumers, and increasing export opportunities for Nigerians.

Tuesday, in Abuja, the Federal Ministry of Industry, Trade and Investment (FMITI) in collaboration with the British High Commission hosted a one-day workshop, on the UK’s new trading scheme.

The UK officially launched the Developing Countries Trading Scheme (DCTS) in June 2023, which offers fast growing economies one of the most generous sets of trading preferences of any country in the world and demonstrates the UK’s commitment to building a long term, mutually beneficial relationship with Nigeria.

The DCTS means that a wide variety of products that aren’t widely produced in the UK, including food items – olive oil and tomatoes now benefit from lower or zero tariffs.

The scheme sees tariff reductions on over 3000 products, thereby boosting non-oil exports in line with the Federal Government of Nigeria’s Zero Oil Plan.

Speaking during the workshop, Gill Atkinson, British Deputy High Commissioner to Nigeria, said:

“As an independent trading nation, the UK is one of the foremost champions of free, fair and inclusive trade. The UK’s Developing Countries Trading Scheme harnesses the power of trade to help Nigeria and other emerging economies grow and will boost Nigeria’s non-oil exports in line with the Federal Government of Nigeria’s wider trade policy priorities and Zero Oil Plan.

“As the UK Government, we’re keen to maximise uptake of the DCTS. In this respect, I’m happy to see so many Ministries, agencies and departments gathered here today, so that we can explore underlying export challenges in more detail in order to improve the economic and social wellbeing of both our nations.”

Dr. Evelyn Ngige, Permanent Secretary, Federal Ministry of Industry, Trade and Investment, noted that:

“Nigeria and UK enjoy excellent bilateral relations that translate into befitting and robust programmes such as the Nigeria- UK EDF Framework, Nigeria – UK Business Dialogue and the Proposed Enhanced Trade and Investment Partnership that would strengthen the existing bilateral relations between the two countries.

“I wish to put on record our appreciation of the support of the Government of the United Kingdom and the commitment to improve bilateral relations between the two countries and for approving the new Developing Countries Trading Scheme (DCTS)”. The scheme which was approved in June 2023 is aimed to engender trade between sixty-five (65) Developing Countries, including Nigeria”.

“Nigeria’s economic aspirations have remained that of altering the structure of production and consumption patterns, diversifying the economic base and reducing dependence on oil, with the aim of putting the economy on a path  of sustainable, all-inclusive and non-inflationary growth.  It is my hope that the UK Government will also favourably consider the interests of Nigerian businesses operating in the UK, to foster a mutually beneficial relationship”.