President Muhammadu Buhari is set to launch N350 billion worth of Promissory Note for exporters next week, Olusegun Awolowo, executive secretary, Nigerian Export Promotion Council (NEPC), says.
Awolowo says the initiative is geared towards enhancing activities of Nigerian exporters why also ensuring that Nigeria consolidates its diversification programme.
A promissory note is a signed document containing a promise to pay a stated sum to a specified person on the bearer at a specified date or on demand. Exporters by this would have their debts assured on payment by the Nigerian government without impeding on their business.
Awolowo gave this information at the inauguration of NEPC Anti-Corruption and Transparency Monitoring Unit (ACTU), which would aid the council work closely with the Independent Corrupt Practices and other offences Commission in ensuring transparency in government businesses within the agency.
Awolowo noted that the ICPC had advised every government organisation to set up the unit working closely with them to guard against corruption.
“We are happy that the ICPC have come to inaugurate that committee today. They would train our staff and ensure they work collaboratively with them in entrenching transparency in our agency,” he said.
On the implication of the inauguration, he noted that the exercise would help build investors confidence in their respective transactions with the agency, in their drive to grow non-oil exports in the country.
He stated further, “We have our sister agency, the standards Organisation of Nigeria, SON, also helping us in ISO 90002 compliance, all these would enable us to be taken seriously in the global export markets.”
He also noted that the Council was working towards ensuring 20% increase in Nigeria’s export deals with regard to non-oil exports while ensuring consistent growth in Nigeria’s diversification programme.
According to the executive secretary, “The Promissory Note is the indebtedness we carried over as our incentives to exporters. The President has graciously approved that and we are looking at N350 billion worth of Promissory note for exporters, and that would help to bring confidence back into the system to facilitate non oil exports.”
This is a whole lot of incentives exporters could use for their tax, Custom duties, settle debts, among others, he said further.
