The Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Dr Ezra Yakusak, advised Ondo State exporters to take advantage of the two export incentives administered by NEPC in order to expand their businesses, increase the volume and value of their products, as well as remain competitive in global markets.
During a one-day workshop in Akure, the state capital, his deputy director and state head of NEPC – Architect Benedict Ndudi Itegbe – explained how these incentives could be accessed.
These comprise the Export Development Fund and Export Expansion Grant; providing training, participating in trade fairs, financial and logistic support with an objective to boost export volumes and improve competitiveness.
Additionally, the Export Expansion Grant is an incentive given to exporters after they have successfully carried out a transaction and repatriated funds. The workshop is taking place across Nigeria with an aim to inform existing and potential exporters about available incentive regimes in 2023.
Yakusak, the Chairman of Nigeria Association of Small Scale Industrialists, highlighted the Export Development Fund and the Export Expansion Grant incentives, both of which are designed to support small and medium exporters.
He explained the Export Development Fund as a pre-shipment incentive that provides capacity building, technical support, packaging and labeling support while the Export Expansion Grant is a post-shipment incentive with N5 million as the expected volume of export.
Yakusak emphasized that applications must be made in order to benefit from these incentives as they receive hundreds each year.
Great Seyi Akintunde applauded the workshop for enhancing small and medium-scale businesses in Ondo State, noting that he hopes more than 80 percent of SMEs in Ondo State will have export capabilities.