Category Archives: Export

FG’s incentives Rekindle Hope for Nigeria Export Sector

The Federal Government is targeting the export sector with its recent policy initiative. ANNA OKON gives details of the incentives and the countries that influenced the policy

About 13 export incentive schemes are in place in Nigeria including the Export Expansion Grant that entails the provision of non-cash grant to exporters as an incentive to enable them to expand their export volume and value.

Pioneer Status: The Pioneer Status tax holidays apply to any manufacturing exporter who exports at least 50 per cent of their annual turnover.

Export Council Prepares Farmers for increased Export Cocoa Production

•Nigeria risks losing one trillion naira by 2020 to product/crop neglect
To enhance the contribution of the non-oil sector to the nation’s Gross Domestic Product GDP, the Nigerian Export Promotion Council (NEPC), in collaboration with the Abia State Government, Wednesday, organised a one-day capacity building workshop in Umuahia, the state capital to sensitise farmers on how to increase cocoa production for export.
About 600 participating farmers and stakeholders in cocoa business in Abia, numbering over 2,000 comprising farmers, merchants, and exporters were targeted to benefit from the workshop, which also had participants from Imo, Akwa Ibom, and Cross River states.

NEPC To Improve Farmers’ Capacity for Increased Market Access

To further aid the nation’s economic recovery through the non-oil export sector, the Nigerian Export promotion Council (NEPC), has expressed government’s commitment to enhance technical skills of smallholder farmers in acid to improve their access to global markets.

According to the NEPC, the federal government remains committed to the development of the non-oil export sector as the last defence of the economy.

Acting Chief Executive Officer, NEPC, Abdullahi Sidi-Aliyu, made the assertion on Wednesday at a forum in Ogun State.
Sidi-Aliyu, represented by Mrs Evelyn Obidike, Deputy Director, Policy and Strategy, NEPC, made the remark during the Council’s, Equipment Presentation and Training on Best Practices in Cashew Processing for Value Addition and Food Safety.
He said the National Economic Council in 2017, established the National Committee on Export Promotion, to ensure effective coordination of the Zero Oil Plan in all the 36 states.

Nigeria Govt to Stop Multinational Oil Firms From Exporting Crude

he federal government hinted yesterday that it is putting necessary measures in place to stop multinational oil firms from shipping out all the crude oil they produce in Nigeria.

It also stated that it would compel Shell Petroleum Development Company, Exxon Mobil, Chevron and other multinational firms operating in Nigeria’s upstream sector to build refineries for local production in the country.

The minister of state for Petroleum Resources, Dr Ibe Kachikwu, disclosed this at a breakout session of the maiden Nigeria International Petroleum Summit (NIPS) titled, “Deepening collaboration in the African oil and gas industry – challenges and opportunities for investment” in Abuja.

According to him, the government is planning to put frameworks in place for the multinational oil and gas firms to build refineries in Nigeria, thereby processing a substantial amount of crude that is produced from its oil fields.

Nigeria Set To Produce Seed Yams For Export

The technical committee on Nigeria Yam Export Programme is working with the University of Agriculture, Umudike and the International Institute of Tropical Agriculture (IITA) Ibadan to produce seed yams for export.
The committee was charged with the responsibilities of finding markets for Nigerian yams in the world and providing market information on weekly prices of yam at the major marketing centres abroad.
The programmes’ chairman Prof. Simon Irtwang, told newsmen in Lagos that the seed yams would be given to farmers to plant them specifically for export.
“One of the challenges with the flag-off of yams exported in June 2017 was that the yams were exposed to the sun before being selected for export.
“Once yams are exposed in the sun for long, the process of decaying sets in gradually.
“With special seed yams, the structures to have a good quality of seed yams for export will be set in motion.

Nigeria records paltry $9m of Africa’s $2.7b non-oil export to U.S.

Nigeria may have to do more under its diversification agenda and remove several restrictions to investments if it hopes to benefit from the extended trade deal, Africa Growth and Opportunity Act (AGOA) by the United States, the State Department’s Acting Director for Economic and Regional Affairs, Harry Sullivan said during a telephonic briefing on Tuesday.

According to data from the department, Nigeria accounted for a paltry volume of $9 million out of $2.7 billion agricultural exports recorded by the continent to the United States in 2017.

Specifically, Sullivan noted that an increasing number of countries took advantage of the benefits available under the legislation, adding that the low volume recorded in non-oil export was as a result of dependence on oil.Nigeria’s oil export to the U.S rose from $3.4 billion to $6 billion.

Yam Exporters Set to Ship Another Consignment to UK, USA

Prof. Simon Irtwang, Chairman, Technical Committee on Yam Export, on Tuesday said yam exporters were finalising processes to export another consignment of yam in the first quarter.

Irtwang told the News Agency of Nigeria (NAN) in Lagos that the consignment would also be for the United Kingdom and United States of America.

Hope Rises for Cocoa Sector as NEXIM Readies N5b Lifeline

Nigeria may soon bounce back to cocoa processing, and ultimately improve its export value chain, as the House of Representatives has urged the Central Bank to speed up the dispute settlement between the Assets Management Company of Nigeria (AMCON), and Multi-Trex.

To this end, the Nigerian Export Import Bank (NEXIM) is also readying a N5billion credit facility to the company, as working capital under its Export Stimulation Facility (ESF), to enable it rev up cocoa processing in its two lines for domestic and export purposes.

The cocoa processing plant had been shut down for about five years over its credit facility from Skye Bank.

However, both AMCON and Multi-Trex have now reached an advanced level of agreement, awaiting a sign off by CBN on AMCON’s request to enable the company withdraw its only remaining court case and facilitate a new loan.