… As GTBank sensitises exporters.
The stakeholders in the non-oil sector have moved against restoration of Export Expansion Grant (EEG) because of high incidence of abuse of the scheme.
This is against the backdrop of heightened pressure by a lot of people to bring back the EEG.
Exporters who gathered at the non-oil export seminar with the theme, “understanding Nigeria’s non-oil export business value chain”. Organised by GTBank, unanimously agreed that EEG should not be restored.
In his opinion, Babatunde Falake, assistant director, Nigerian Export Promotion Council (NEPC) said “no EEG but fix infrastructure”.
However, Olu Vincent, deputy director, trade and exchange department, Central Bank of Nigeria (CBN) said “we are going through a process, we are willing to dialogue with exporters, may be we will get GTBANK to organised more of this seminar”.
Vincent emphasised the need for people to fasten their seat belt as the country is going through had times. “When the turbulence is over we will get back to normal”, said.
Reacting to an earlier appeal by an exporter for the federal government not to restore the export expansion grant (EEG), Vincent said there was pressure on the federal government to restore the EEG. According to him, although the CBN was against it because it was being abused, the central bank does not have the powers to prosecute. Vincent said the federal government had disclosed plan to reintroduce the EEG. He assured the exporters that the CBN was committed to supporting their businesses.
Another exporter in attendance, Ram Hemnani representing Primlaks suggested that rather than re-introducing the EEG, such funds should be used to fix infrastructure as that will benefit more exporters rather than the few the EEG will benefit. He added that both post-shipment and pre-shipment incentives can be introduced by the CBN. Also, he believes that there won’t be need for EEG if the infrastructures are there. Hemnani also suggested that Nigeria should promote her commodities/products in the international market and media so as to create demand
Binga Musa Panuga, assistant comptroller of custom, said “traders should ensure that they comply with government regulations as the government is already promoting the ease of doing business in Nigeria which include infrastructure, inter agency collaboration among others.
“The level of compliance is not good enough, which I must admit that as govt is working on ease of doing business, we believe that Nigeria will not remain where it is. Non-compliance is not peculiar only in Nigerian. It is found everywhere on a different degrees. On our own, we will continue to encourage compliance in Nigeria”, he said.
Abdullahi Orunma, member of the Nigerian Quarantine Sevices, said, “The only way we can promote export activities of businesses in Nigeria is to ensure that exporters hold strictly to our regulations and our regulations in summary is about certification because that is what is globally accepted all over the world. If you obtain quarantine certification, it is as good as you are in the international market”.
Hope Moses-Ashike
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