The
amount is expected to bring succour to the export sector in particular and the
economy in general following a series of delays that have plagued the release
of the EGG.
Fellow
Nigerians, are you aware that our crude oil will soon become useless? Yes, it
will, in no distant time, become valueless owing to the fact that the countries
that rely on it as their only source of energy are developing more affordable
alternative sources of energy. When this finally happens, what will we do? How
are we currently preparing for this imminent economic doom? Which other sector
will continue to stabilize our economy? Nigerians, the only solution is
developing the agricultural sector. In fact, this is the only solution. Very
soon, the major source of revenue will become agriculture and agro-exports. How
are you positioning yourself to play big in agro-export business? Why don’t you
get a practical manual that explains the stages of export trade from processing
and packaging of commodities to receipt of payment by the foreign buyers? Yes,
arm yourself with the contemporary trends in export trade. This manual explains
export operations, export management, export documentations and methods of
payment in export trade? Yes, it is a contemporary step-by-step guide to export
trade. It tells all the contemporary dynamics in export trade. To get it, click
on the link below:
The
EEG is an initiative of the Federal Government that was meant to encourage
exporters of non-oil products, including agro-commodities, in order to cushion
the effects of infrastructural deficiencies and reduce the overall unit cost of
production.
It was
introduced through the Export Incentives and Miscellaneous Provisions Act, Cap
118 of 1986, to enhance the contributions of non-oil export to the national
economy
The
mechanism is such that a financial credit applied to the value of exports of
products from Nigeria ranging from five per cent to 30 per cent.
The
financial credit is not cash funded but provided as Negotiable Duty Credit
Certificate, which can be applied against import duties on other items. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
It was
suspended by the Federal Government following allegations of abuse of the
scheme by exporters.
Speaking
during a stakeholders’ forum on the framework for the issuance of the
promissory notes for the settlement of the outstanding EEG, the Chief Executive
Officer, Nigerian Export Promotion Council, Mr. Olusegun Awolowo, stated that the government was now set to
clear the EEG arrears to exporters from 2007 to 2016.
He
said the reactivation of the EEG scheme, after its technical suspension in 2014
and settlement of the outstanding claims owed exporters, was in line with the Federal
Government’s focus on diversification of the economy through non-oil exports.
He
said, “The assent in January 2019 by the National
Assembly of the first batch of the request and the subsequent directives by the
Minister of Finance to the Debt Management Office for the settlement of the EEG
covering backlogs of ten years for 270 companies with a total value of
N195.08bn will bring succour to the export sector.
“We also have a positive signal that the National Assembly will soon
pass the second batch of the approval for the remaining 39 companies with a
total value of about N126bn only. It is our fervent belief that the settlement
of this inherited debt by the Federal Government will pave the way for the
revival of the non-oil export sector of the economy.
“It will in no small measure enable the affected companies to settle
their debts with banks and other financial institutions, inject funds for
further export activities, generate more foreign exchange as well as employment
for the teeming youth of our country.”
On
export earnings of Nigeria, Awolowo said that the country’s export earnings for
2017 and 2018 experienced an upward trend. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html For instance, he said
there was a growth of 48.43 per cent from $1.2bn in 2016 to $1.78bn before
hitting $2.27bn in 2018.
He
expressed optimism that exports earnings for the 2019 fiscal period would grow
by about 40 per cent in view of the settlement of the exporters’ debt through
Promissory Note programme.
He
said in line with the government’s policy on ease of doing business, the
council had developed an online platform for the processing and management of
the EEG claims. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html The online platform,
according to him, would provide the opportunity for all stakeholders to submit,
review and access information regarding the processing of claims.
He
said the platform which was developed by PriceWaterHouse Coopers would be fully
deployed before the middle of May this year. (Punch)
Are you an exporter? Do you like
to master the contemporary dynamics of non-oil export trade and avoid getting
defrauded by the foreign buyers of your exportable products? Click on the link
below:
Have you ever imagines how the
financial status of your company will grow when more than 20,000 CEOs and top
managers of multinational companies pay for your products and services? For
more information, click on the link below:
http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
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