The Federal Government has also packaged incentives to encourage export promotion in the country from time to time. Some of the incentives include:
Duty Draw-Back Scheme:The scheme provides for refunds of Duties/surcharges on raw materials including packaging and packaging materials used for the manufacture of products upon effective exportation of the final product.
Export Expansion Grant Scheme: This scheme entitles exporters of Processed products up to 4% grant on their annual export turnover subject to the receipt of confirmation of repatriation of export proceeds from the Central Bank of Nigeria.
Currency Retention Scheme: This incentive allows exporters to retain 100 per cent of their foreign exchange earnings in their domiciliary account in any authorized bank of their choice.
Export Credit Insurance Facility: This facility insures exporters against risk of non-payment by buyers in as much as the cause of default is not political.
Re-discounting and Refinancing Facility for Export: This facility is designed to assist banks to provide pre and post shipment finance in local currency in support of non-oil exports. It enables exporters have access to the expanded export portfolio of banks at preferential rate.
Pioneer Status Scheme: This scheme grants tax holidays on corporate income to manufacturing exporters who export at least 50% of their turnover. This is to encourage the establishment of export oriented industries in Nigeria. It extends over a period of five years.
