Post by Trade facilitator on Mar 20, 2012 18:31:06 GMT 1
THE Federal Government will, henceforth, disburse the Export Expansion Grant (EEG) only if there is commensurate growth between exporters’ claims and export earnings.
Minister of Trade and Investment Olusegun Aganga made this known in Abuja at an interactive session with exporters.
He said the ministry had started the process of reviewing EEG disbursement to ensure that as the claims rise, export earnings will also increase.
He said the review of the exercise was to make it transparent, accountable and effective towards more value added exports rather than just the primary produce.
The minister said: “We want to make sure that as the claims are going up as they have gone up in the last four to five years, we are seeing the same increase in export earnings. If I see that the claims are going up and I am not seeing the same increase in export earnings, then there is a problem and if there is a problem, we will look into it in detail and that is the whole part of the exercise.”
At a stakeholdrs meeting with top importers of non-oil products also in Abuja, Aganga said the government plans to increase the contribution of non-oil export to the Gross Domestic Product (GDP) from the current 4.5 cent to 20 per cent in three years.
The objective of the meeting was to identify problems militating against the effective implementation of the Export Expansion Grant Scheme and chart the way forward for its effective implementation.
Present at the one day meeting were the Executive Secretary of the Nigerian Export Promotion Council(NEPC), Manufacturers Association of Nigeria(MAN), Nigerian Association of Small and Medium Enterprises(NASME), Nigerian Association of Small Scale Industrialists(NACCIMA), exporters in the textile, agribusiness and processing; leather and tannery sectors, among others.
Aganga said the ministry is ready to work with all exporters to ensure transparency and accountability , adding that the ministry was committed to successfully driving the implementation of the nation’s economic diversification policies and programmes by increasing the contribution of non-oil export to GDP.
In a related development, the chairman, Interim Management Committee of Ajaokuta Iron and Steel Company, Mr Philip Umunnakwe, has attributed the lack of investment in the company to poor understanding of the importance of steel to the technological development of the nation.
Speaking with journalists, WHEN? WHERE?, Umunnakwe said poor understanding has made people to see investment in the company as a wasteful venture.
He said the Ajaokuta Integrated Steel Complex was conceived and developed with the vision of erecting a metallurgical process plant-cum engineering complex that could generate upstream and downstream industrial and economic activities to diversify the economy into an industrial one.
He said the project was embarked upon as a strategic industry and foreign exchange earner, adding that the plant was tagged the bedrock of Nigeria’s industrialisation.
Source: www.thenationonlineng.net/2011/index.php/business/industry/39743-fed-govt-gives-conditions-for-granting-export-incentive.html
Minister of Trade and Investment Olusegun Aganga made this known in Abuja at an interactive session with exporters.
He said the ministry had started the process of reviewing EEG disbursement to ensure that as the claims rise, export earnings will also increase.
He said the review of the exercise was to make it transparent, accountable and effective towards more value added exports rather than just the primary produce.
The minister said: “We want to make sure that as the claims are going up as they have gone up in the last four to five years, we are seeing the same increase in export earnings. If I see that the claims are going up and I am not seeing the same increase in export earnings, then there is a problem and if there is a problem, we will look into it in detail and that is the whole part of the exercise.”
At a stakeholdrs meeting with top importers of non-oil products also in Abuja, Aganga said the government plans to increase the contribution of non-oil export to the Gross Domestic Product (GDP) from the current 4.5 cent to 20 per cent in three years.
The objective of the meeting was to identify problems militating against the effective implementation of the Export Expansion Grant Scheme and chart the way forward for its effective implementation.
Present at the one day meeting were the Executive Secretary of the Nigerian Export Promotion Council(NEPC), Manufacturers Association of Nigeria(MAN), Nigerian Association of Small and Medium Enterprises(NASME), Nigerian Association of Small Scale Industrialists(NACCIMA), exporters in the textile, agribusiness and processing; leather and tannery sectors, among others.
Aganga said the ministry is ready to work with all exporters to ensure transparency and accountability , adding that the ministry was committed to successfully driving the implementation of the nation’s economic diversification policies and programmes by increasing the contribution of non-oil export to GDP.
In a related development, the chairman, Interim Management Committee of Ajaokuta Iron and Steel Company, Mr Philip Umunnakwe, has attributed the lack of investment in the company to poor understanding of the importance of steel to the technological development of the nation.
Speaking with journalists, WHEN? WHERE?, Umunnakwe said poor understanding has made people to see investment in the company as a wasteful venture.
He said the Ajaokuta Integrated Steel Complex was conceived and developed with the vision of erecting a metallurgical process plant-cum engineering complex that could generate upstream and downstream industrial and economic activities to diversify the economy into an industrial one.
He said the project was embarked upon as a strategic industry and foreign exchange earner, adding that the plant was tagged the bedrock of Nigeria’s industrialisation.
Source: www.thenationonlineng.net/2011/index.php/business/industry/39743-fed-govt-gives-conditions-for-granting-export-incentive.html
