• Friday, June 14, 2024
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NEPC targets informal trade with domestic export warehouses

NEPC seeks formalisation of export services to boost Nigeria’s economy

The Nigeria Export Promotion Council (NEPC) has disclosed plans to establish Domestic Export Warehouses (DEW) and Export Trade Houses (ETH) in designated centres across the country to facilitate the mainstreaming of informal trade for export.

Ezra Yakusak, Executive Director/Chief Executive of NEPC said this during a courtesy visit by the deputy governor of Katsina state, Mannir Yakubu to the Council’s headquarters in Abuja. Yakusak said the Nigerian economy has been affected by informal trade which is done without revenue to the government.

The NEPC boss said the establishment of the export warehouses and trade houses will facilitate the generation of reliable trade data on informal trade, create employment and wealth, generate more foreign exchange, enhance trade facilitation by reducing the cost and time of doing business thereby ensuring seamless trade along the border post.

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“There is need to lure and encourage them to see the need to export properly. That’s why we initiated the issue of Domestic Export Warehouses. We hope that this project will stimulate the development of non-oil exports and increase our GDP and foreign exchange earnings.

“The concept behind this is that you have a warehousing scheme where Customs, Immigration, Quarantine services will be. It’s a one-stop facility for seamless inspection, it’s like a port within a dry land and that’s very important,” he said.

Yakusak further informed that efforts to streamline the activities of informal traders along the border markets may soon yield results, as the NEPC and Katsina State Government have agreed to formalize trade along Jibia – Marade border market.

Replying, the Deputy Governor disclosed that as part of the state government’s commitment to the project, the government has already allocated a site for the take-off of the project.

He commended the Council for facilitating trade through several export intervention programmes such as the Export Expansion Facility Programme (EEFP) which is targeted at mitigating the impact of COVID-19 on exporters.