NEPC, NACCIMA sensitize Chambers of Commerce on N5bn Export Development Fund

By Ayo Fadimu

The Nigerian Export Promotion Council (NEPC) in collaboration with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) embarked on a Sensitization campaign to enlighten Chambers of Commerce across the country on the N50 billion Export Expansion Facility (EEF) under the Federal Government Economic Sustainability Plan (ESP), which aims at providing financial stimuli to revamp the economy among other objectives through.

The EEF is one of the stimulus packages designed to stimulate export, save jobs and protect export businesses from the adverse effects of the COVID-19 pandemic. The EEF also contains a provision of N5 billion for the implementation of the Export Development Fund (EDF).

The EDF was established under the Export (Incentives and Miscellaneous) Act CAP E19 2004, to provide financial assistance to private sector exporting companies to cover part of their initial expenses in respect of export promotion, hence the organization of this first approach, which is participation of Members in training courses, symposia, seminars and workshops in all aspects of export promotion.

Among other areas of support, the Export Development Fund will also provide support to MSMEs exporting companies to undertake conformity assessments in the areas of packaging, labelling, standardization, accreditation, quality certification etc.

The Sensitization seminar was held regionally in Abuja, Ibadan and Port-Harcourt with the leadership and members of the Chambers of commerce present. The Sensitization seminar was also held virtually for increased awareness. Chambers of Commerce were charged to disseminate information on eligibility criteria and guidelines for accessing the funds to their members who are exporters.

The application for this Export Development Fund is set to open on Monday 29th March (today), 2021.