Chamber tasks government on reintroduction of export grant
The Federal Government has been urged to consider the reintroduction of Export Expansion Grant (EEG), as a way of encouraging the non-oil sector and cushioning the effect of cost disadvantages faced by Nigerian exporters due to infrastructure deficiencies.
Former President, Abuja Chamber of Commerce and Industry (ACCI), Dele Oye, made the call in Abuja at the closing of the Trade Fair organised by the Chamber.
The Federal Government had suspended the EEG in January 2014. The scheme was introduced the in 1999, and conceived as a very vital incentive required for the stimulation of export-oriented activities that will lead to significant growth of the non-oil export sector.
The grant was planned to be disbursed to qualified exporters in the form of Negotiable Duty Credit Certificate, and utilised by beneficiaries for the payment of customs and excise duty on their export shipments.
Oye said there was the need to keep the flag of non-oil export of the economy flying, if the quest for diversification by government is to be taken seriously.
He said the Chamber had gained recognition in the pursuit of economic growth over the years and constantly seeking innovation for economic growth through the promotion of non-oil investments.
“There is the need to revitalise all sectors of the economy to make them vibrant so that when there is a lull in one, others will still be alive, vibrant and working,” he said.
President of ACCI, Tony Ejikeonye, said despite the economic recession in the country, the fair recorded more patronage than anticipated with an average of 3000 footfall a day.
Ejikeonye however said the fair recorded lower than expected transactions of about N800 million, compared with 2015 that recorded N1.5 billion transaction.
“It is far less than that of last year fair because of the downturn in the economy,” he said.