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3 bodies set up to boost exports

by Business News Report

Three new export funds aimed at subsidising exports generally and providing financial assistance to exporting companies, have been set up by the federal government.
The funds are the Export Development Fund, the Export Expansion Grant Fund and the Export Adjustment Scheme fund. Sources close to the directorate of the Nigerian Export Promotion Council, that the export development fund would give financial assistance to exporting companies to cover part of their initial expenses such as market research, product design missions and participation in overseas trade fairs.
Council sources further told The Republic that under the Export Expansion Fund the federal government would provide cash inducements to companies which have exported a minimum of N50,000 worth of semi-finished products either for purpose of diversifying Nigeria’s exports and market coverage or to increase the volume. Continuing, the source said that the level of inducements ranges from 5% grant for N50,000 sale per annum to 2% for export for export sales above N1 million.
On the other hand, the Export Adjustment Scheme Fund is to provide a supplementary export subsidy for dealing with high cost of dealing with high cost of production arising from infrastructural deficiencies as well as other factors beyond the control of the exporter.

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