Olusegun Awolowo, CEO, Nigerian Export Promotion Council |
NEPC
said the vulnerability is visibly evident in the oil sector, which presently
contributes about 91.9 per cent to Nigeria’s total export earnings, and 76.5
per cent of total government revenue, a predicament capable of impeding
economic growth and worsening inflation rate.
The
Executive Director and Chief Executive Officer, NEPC, Olusegun Awolowo, made the assertion at a stakeholder’s forum
organised by the Council to validate the newly introduced guidelines, tagged,
“New Basket of Incentives Scheme (NBIS)” in Kano. He posited that neglect and
non-development of critical sectors, especially the non-oil export sector, has
invariably turned oil resources to a “resource curse” of sort.
Awolowo
reminded that as part of measures to remedy the ugly trend, in line with its mandates,
NEPC has initiated many policies and framework aimed at facilitating promotion
of export to sustain economic growths.
Represented
by director Export Development and Incentives in the Council, George Enyiekpon, he noted that the
convergence of stakeholders across various non-oil exports sector in Kano was
intended to review and validate the draft guidelines on NBIS targeted at
encouraging exporters to sustain and grow businesses.
Awolowo
revealed that if the draft scaled through, would require validation, and among
others, replace outdated policy frameworks, including the Export Development,
Export Adjustment Scheme Fund (EASF), Manufacturer Exporters In Bond Scheme,
and the newly introduced Export Development Fund on Service Export from Nigeria.
“You may recall that Export (Incentives and Miscellaneous
Provisions) Act Cap. 118L.F.N. 1990 Act Cap. E19 L.F.N.2004 established various
forms of incentives and funds such as retention of export proceeds in foreign
currency, export development fund, export adjustment scheme fund and export
expansion grant scheme out of which only the export expansion grant is
operational.
“It is therefore obvious that the EEG alone is not enough to cater
for all the challenges facing the non-oil sector in Nigeria, hence the need for
other incentives, especially pre-shipment incentives specifically designed to
boost the growth of SME’s which is the bedrock of economic development and
diversification.
“In line with the overall economic agenda of the Federal Government to
intensively grow revenue from non-oil, the council has taken this initiative to
provide targeted incentives to companies engaged in non-oil export business.
This is expected to stimulate interest and improve Nigeria’s non-oil export
performance. It is in view of the foregoing, that the decision to explore the
possibility of establishing a New Basket of Incentives Scheme (NBIS) came into
being,” Awolowo
explained.
Stakeholders
were drawn from the manufacturing industry, Chambers of Commerce, and other local
and foreign business partners, who unanimously welcomed the new initiative.
They however expressed that the New Basket of Incentives would not be
overwhelmed with government cumbersome documentation and what they also
considered ‘Nigerian factor’ which might mar the overall intention of the
policy frame work.
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