Get in on the Nigerian Export Game
In a bid to boost presence in the international market, the Nigerian government has approved what it calls The Commerce 44 initiative. The policy involves the tax-free export of 11 categories each of solid minerals, agricultural products and groups of locally-manufactured items to 11 international markets.
The categories are as follows:
Agricultural Category
Cocoa, cotton, cassava, gum Arabic, sesame seeds, cashew, sheanuts, ginger, vegetable, fruits and other Nigerian food items.
Solid Minerals Category
Kaolin, coal, bauxite, barite, tin, zinc, tantalite, columbite, iron ore, clay products (pottery), gems and precious stones.
Manufactured Products Category
Textiles, films and music, vegetable oil, rubber products, foot-wears, shrimps, pharmaceutical products, leather, beverages and soft-drinks as well as bottled water.
And the markets:
International markets
Japan, North America, India, China, ECOWAS, European Union, Turkey, Iran, Thailand, the Caribbean and Latin America.
Abolished duties and taxes:
· N25, 000 levy by the National Agency for Food and Drug Administration and Control (NAFDAC) per container
· One per cent export duty
· N1, 000 sales tax
· Cocoa development duty, and
· Several other charges levied at state levels.
To further sweeten the deal, Government will also reduce delays in the processing of exports at the ports and accelerate the refund of Export Expansion Grant (EEG) to businessmen, which currently take up to 14 weeks.
A few Links:
FG initiates ‘Commerce 44’ for agricultural export
