Lagos – The Manufacturers’ Association of Nigeria (MAN) on Thursday urged the CBN to revive the Export Expansion Grant (EEG)and de-list some items from the 41items on the Import Prohibition List (IPL) .
Mr Tunde Oyelola, Head, MAN Export Group told the News Agency of Nigeria (NAN) in Lagos that the CBN should revive the EEG, which had accumulated to about N117 billion.
Oyebola said the group was proud of the new forex guidelines but urged CBN to allow exporters access the N117 billion from the Negotiable Customs Duty Certificates.
The EEG scheme is a very vital incentive required for the stimulation of export oriented activities that will lead to significant growth of the non-oil export sector.
He said that EEG should be approved alongside the new forex guidelines to bring relief to non oil exporters.
“We hope that the flexibility in the guidelines for accessing forex will also lead to the revival of the EEG, which will be added incentive to all in the manufacturing sector,” Oyelola said.
Mr Frank Jacobs, President of MAN, also appealed to the CBN to consider de-listing some items from the 41 items on the Import Prohibition List (IPL).
Jacobs said that the de-listing was necessary because most of the requirements and proper descriptions of the goods on IPL were not well presented in the apex bank’s circular.
NAN reports that CBN Governor Godwin Emefiele, on June 15 released modalities for the long-awaited implementation of the flexible foreign exchange policy.
Emefiele announced the introduction of a two way quote, which means that buyers and sellers would state prices and quantities they are willing to buy and sell.
He also maintained that the 41 items banned in 2015 for access to forex for imports remained banned.
(NAN)
