The Nigerian Export Promotion Council (NEPC) has announced the launch of a N5 billion export trade palliative for exporters in Nigeria known as the Export Development Fund (EDF).
This was disclosed by Mr Peter Njoku, the Assistant Director, Export Development and Incentives Department of the council, on Wednesday in Enugu, where he said that the EDF was launched over 30 years ago and recently reactivated by the FG.
“The reactivated EDF is part of the export development facilities of the federal government aimed at increasing export in Nigeria,” he said.
He urged SMEs and Exporters from the Southeast to take part in government palliative schemes for businesses, citing that only a small number of Southeast exporters benefitted from a recent Export Development Grant.
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“From the records, it is obvious that people from the southeast do not usually come out to be part of this type of thing.
“Almost every intending exporter is qualified to access the fund. The requirements are not stringent to potential exporters,” he added.
The Federal Government recently disclosed that the Bank of Industry (BoI), under the supervision of the Federal Ministry of Industry, Trade and Investment, has secured a $1 billion syndicated loan to support Micro, Small and Medium Enterprises (MSMEs) in the country.
The FG also added that Nigerian Export Promotion Council (NEPC), had launched the Export Expansion Facility (EEF) under the NESP, to support the resilience of new and existing MSMEs to respond to Covid-19 pandemic shocks.