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  • Cashew Exporters Expect N18bn Negotiable Duty Credit Grant

    Dec 12th, 2014

    The National Cashew Association of Nigeria (NCAN) says its exporters are expecting N18 billion in grant after the Federal Government lifted the suspension on the Negotiable Duty Credit Certificate (NDCC). Mr Sotonye Anga, the association’s spokesperson, told the News Agency of Nigeria (NAN) in Lagos that his members would benefit this from the N99 billion just released for Export Expansion Grant (EEG).\

    NAN recalls that Dr Ngozi Okonjo-Iweala, the Coordinating Minister of the Economy, had on Tuesday, announced the restoration of Export Expansion Grant (EEG) to boost export. Anga said that the Export Expansion Grant was suspended four years ago. According to him, the suspension has hindered the growth of the country’s export sector. He expressed optimism that the restoration of EEG would boost the non-oil sector and accelerate the country’s economic growth.

    “This is really a good time for the cashew export. “A total of N98 billion was released for the NDCC and the cashew sector will get N18bn. “This will help to boost exporters’ business, especially as we prepare for the new cashew season. “When the scheme was suspended, export activities were halted, especially the non-oil sector,’’ Anga said. He commended the government for lifting the suspension, saying that the money should be released to the beneficiaries on time.

    Anga said that the money had accumulated for too long and exporters needed to organise their businesses for 2015 farming season. “We appeal to the Federal Government to release the money in good time. “This money will not only boost the business, but will also help to turn the nation’s economy around,’’ he said. Anga appealed to the government to also provide pre-export and post-export incentives to farmers. According to him, transportation is expensive, electricity tariff is high and accessing loans is difficult in Nigeria.

    “These problems have affected the sector and this is the right time to fund the non-oil sector, considering the downward trend in the global prices of crude oil,’’ he said. NAN reports that the EEG is a post shipment export incentive scheme designed to assist non-oil exports. The EEG and NDCC are valid and legal tenders for payment of any customs or excise duty.

    NAN reports that the Nigeria Customs Service on Wednesday published a public notice of beneficiaries of the first phase of the NDCC. In the notice, beneficiary companies were advised to proceed with their instruments to Customs Area Commands for redemption. Others that did not make the list were advised to wait for the next batch.