Post by Trade Coach on May 22, 2023 20:49:04 GMT 1
The Nigerian Export Promotion Council (NEPC) has urged Small and Medium Enterprises (SMEs) and other business owners to access export incentives and encouragement windows provided by the government.
The NEPC Trade Adviser and Head of the Sokoto zonal office, Mr Yahya Ahmad made call at a sensitisation workshop for SMEs on how to access incentives for the export of their goods and services
He described export Incentives as a catalyst for boosting non-oil export in Nigeria and urged business owners to enlist their items through the regulated modalities.
He said the activity was aimed at creating awareness for business owners on the incentives in NEPC to enable them to become beneficiaries.
He said that incentives would help in making domestic products competitive in the global market and encourage the expansion of businesses.
“We need incentives to encourage expansion of exports, encourage businesses to export certain types of goods and services to facilitate greater market penetration and encourage domestic value-addition.
“ For increased international competition and the demand for foreign markets. Inadequate incentives is a disincentive to export,” he said.
He explained that pre-shipment incentives which were mostly for starters in the export business would help in reducing their financial burden.
He added that the post-shipment, which included most of the tax or legal provisions, was designed for businesses who are already exporting their products to enable them to expand.
According to him, the event was also to create public discourse to generate advocacy for the government and legislature to formulate more policies and laws which guarantee the availability of resources for export incentives.
He expressed appreciation for participants’ efforts of open discussions on business challenges, interactive on business terrains and others which would enable stakeholders to consider good solutions and approaches.
Speaking in his presentation, Mr Anderson Wilkie, from the incentive department of NEPC dwelled on the key functions of NEPC, its legal framework and functions stressing that incentives were provided to make the Nigerian economy viable.
Wilkie said Nigeria needed to export to earn and business owners progress, increased foreign exchange and facilitate income for national development.
The Resource Person said that a well-articulated export plan was critical in granting incentives to businesses and listed Export Development Fund (EDF) and Export Expansion Grant as incentives being awarded to qualified applicants who must be registered with the council.
He said that opportunities of the EDF were usually advertised for applicants to upload their documents, including their proposals to the council’s portal for processing.
He said that NEPC was conducting several free training across the nation to build the capacity of businesses through value addition for export, saying it would have multiplier effects on the economy of the country.
Wilkie explained that a total of 977 companies were approved for EDF grants for the first batch of the scheme and 205 companies were approved for the second batch which were all companies with longstanding relationships with the council.
According to him, from 2021, 3, 867 businesses applied for EDF and all were screened by export enablers before approval of the first and second batches.
Speaking on behalf of the participants, Alhaji Aliyu Maitasamu, the chairman National Onion Producers and Merchants Association, thanked NEPC for their efforts in boosting the growth of the non-oil sector and encouraging export.
Maitasamu noted that his members’ constraints remained the non-acceptability of traded money in denominations of African countries, where they faced difficulties in repatriating trade in spite of Central Bank of Nigeria (CBN) platforms.
He said CBN launched Pan African Payment Settling System, however, failed to satisfy dealers’ needs in terms of repatriating sales monies back to Nigeria.
Alhaji Sani Hamidu, the Director of Commerce in Sokoto State Ministry of Commerce recalled that joining the multilateral centre of the onion exports chain was established in past and emphasized the need to revive the committee work and activities.
He assured that the Ministry of Commerce will partner with NEPC and other relevant agencies to strengthen efforts in order to achieve maximum success.
Source: tribuneonlineng.com/nepc-tasks-smes-on-accessing-exports-incentives-in-sokoto/
The NEPC Trade Adviser and Head of the Sokoto zonal office, Mr Yahya Ahmad made call at a sensitisation workshop for SMEs on how to access incentives for the export of their goods and services
He described export Incentives as a catalyst for boosting non-oil export in Nigeria and urged business owners to enlist their items through the regulated modalities.
He said the activity was aimed at creating awareness for business owners on the incentives in NEPC to enable them to become beneficiaries.
He said that incentives would help in making domestic products competitive in the global market and encourage the expansion of businesses.
“We need incentives to encourage expansion of exports, encourage businesses to export certain types of goods and services to facilitate greater market penetration and encourage domestic value-addition.
“ For increased international competition and the demand for foreign markets. Inadequate incentives is a disincentive to export,” he said.
He explained that pre-shipment incentives which were mostly for starters in the export business would help in reducing their financial burden.
He added that the post-shipment, which included most of the tax or legal provisions, was designed for businesses who are already exporting their products to enable them to expand.
According to him, the event was also to create public discourse to generate advocacy for the government and legislature to formulate more policies and laws which guarantee the availability of resources for export incentives.
He expressed appreciation for participants’ efforts of open discussions on business challenges, interactive on business terrains and others which would enable stakeholders to consider good solutions and approaches.
Speaking in his presentation, Mr Anderson Wilkie, from the incentive department of NEPC dwelled on the key functions of NEPC, its legal framework and functions stressing that incentives were provided to make the Nigerian economy viable.
Wilkie said Nigeria needed to export to earn and business owners progress, increased foreign exchange and facilitate income for national development.
The Resource Person said that a well-articulated export plan was critical in granting incentives to businesses and listed Export Development Fund (EDF) and Export Expansion Grant as incentives being awarded to qualified applicants who must be registered with the council.
He said that opportunities of the EDF were usually advertised for applicants to upload their documents, including their proposals to the council’s portal for processing.
He said that NEPC was conducting several free training across the nation to build the capacity of businesses through value addition for export, saying it would have multiplier effects on the economy of the country.
Wilkie explained that a total of 977 companies were approved for EDF grants for the first batch of the scheme and 205 companies were approved for the second batch which were all companies with longstanding relationships with the council.
According to him, from 2021, 3, 867 businesses applied for EDF and all were screened by export enablers before approval of the first and second batches.
Speaking on behalf of the participants, Alhaji Aliyu Maitasamu, the chairman National Onion Producers and Merchants Association, thanked NEPC for their efforts in boosting the growth of the non-oil sector and encouraging export.
Maitasamu noted that his members’ constraints remained the non-acceptability of traded money in denominations of African countries, where they faced difficulties in repatriating trade in spite of Central Bank of Nigeria (CBN) platforms.
He said CBN launched Pan African Payment Settling System, however, failed to satisfy dealers’ needs in terms of repatriating sales monies back to Nigeria.
Alhaji Sani Hamidu, the Director of Commerce in Sokoto State Ministry of Commerce recalled that joining the multilateral centre of the onion exports chain was established in past and emphasized the need to revive the committee work and activities.
He assured that the Ministry of Commerce will partner with NEPC and other relevant agencies to strengthen efforts in order to achieve maximum success.
Source: tribuneonlineng.com/nepc-tasks-smes-on-accessing-exports-incentives-in-sokoto/
