Exporters in Ondo State have been encouraged by the Nigerian Export Promotion Council (NEPC) to use two export incentives to expand their businesses and enter the global market. At a one-day workshop on export incentives in Akure, NEPC’s Executive Director/CEO, Dr Ezra Yakusak, said that the incentives, which include the Export Development Fund and the Export Expansion Grant, would help to increase the volume and value of products and keep them competitive in global markets. The Export Development Fund provides training, trade fair participation support, financial and logistics support to prepare new exporters to penetrate global markets, while the Export Expansion Grant is given as a post-shipment incentive to expand export volumes and improve global competitiveness.
Yakusak explained that the workshop was held to inform existing and potential exporters about the incentive regime applicable in 2023, how to apply, benefit from them, and the objectives of each incentive. He emphasized that the export development fund is a pre-shipment incentive, while the export expansion grant is a post-shipment incentive. To qualify for the export expansion grant, exporters must reach a certain export volume of N5 million and meet documentary requirements, baseline information, and evidence that they conducted the export business. The Chairman of the Nigeria Association of Small Scale Industrialists in Ondo State, Great Seyi Akintunde, welcomed the workshop and said that it would enhance small and medium-scale businesses in the state.