Financial Services – Five Ways to Start

Financial Services – Five Ways to Start

The Nigeria Export Promotion Council (NEPC) is the government agency responsible for regulation, promotion, recording and monitoring of export trade in Nigeria. NEPC is the organ the government uses to implement its export polices and strategies. It is the leading agency for export promotion in Nigeria, and not a manufacturing outfit, or a commercial organization. It is a service outfit, using government‘s legal backing and funding to offer a wide range of free services to manufacturing and other service firms all of which aim at getting their products into the export markets in collaboration with other related government agencies.
NEPC makes it easier for exporters to access foreign markets, identify products that can be exported, understand standardization, specifications and packaging requirements of foreign importers.
Nigeria Export Promotion Council Vision and Mission statements are; ―To make the world a market place for Nigerian non-oil products‖ and ―To spearhead the diversification of the Nigerian economy by expanding and increasing non-oil exports for sustainable and inclusive economic growth‖ respectively. The potentials of non-oil exports are largely untapped due to over-dependence on crude oil exports which generate an estimate of over 90% of Nigeria‘s exports but with the recent resolve of the Nigerian government to give more support to agro-allied products, the costs of exporting farm produce and other related products from Nigeria will be favourable, thereby making the export market for agro-allied products more promising.
Technical Supports provided to Exporters include:
• Proper documentation of export transactions: Proper documentation is very key in exportation because it shows proof and provides a legal basis for transactions. The NEPC would let you know which documents are needed, how to get them, the need for those documents as well as the places to send the documents to.
• Business Registration: Before you can begin agro-commodities export business; you need to register with Corporate Affairs Commission (CAC) and NEPC. The intended entrant needs a company name and it is the CAC that has the mandate to register business names in Nigeria with a view to giving the business the required prestige and credibility while the NEPC maintain a database of all Nigerian exporters that overseas buyers can use to find legitimate suppliers which opens up an avenue for buyers to reach you and buy products from you.
• Quality and Standards: The NEPC also monitors the quality and standards of products goings out to ensure that they are of high quality.
• Payment: The agency also helps you suggest the best and most secure payment methods.
• Provides information on product sourcing: If you are unsure of where to get particular products for export, you can ask the NEPC for help. They would be able to give you information on where to find the products you are looking for in Nigeria.
• Administration of Grants and Incentives: If you are registered with the NEPC, then you can easily access some of the grants and incentives that the government doles out regularly to help exporters in the country. Exporters of agricultural products receive a lot of incentives from the government regularly.
• Simplify the export procedure: If you are new into exportation, it‘s easy to get confused and misunderstand the procedure; a visit to the office of the Nigeria Export Promotion Council would help to enlighten you and put things in perspective. The NEPC can assist you such that you don‘t have to go through some so-called export gurus‘ who charge you thousands just to train you on how to start an exportation business.
• Organize Trade Fairs and Exhibitions: The NEPC also helps to organize and facilitate the participation of Nigerians in international trade fairs and exhibition events. If you are registered with the Nigeria Export Promotion Council and have a solid or innovative product; the NEPC can facilitate your participation in trade fairs and exhibition programs.
• Carry out research and studies: The NEPC also carries out regular studies and research into matters concerning exporters and factors that may affect/influence exportation in Nigeria. As an exporter, you can benefit greatly from such research and studies.
• Create Awareness and Publicity: The NEPC also does a lot of local and international advertisements and promotions which is also directly beneficial to you as an exporter.
• Help to Solve Problems: If at any point in your export business you encounter some challenges or problems; the NEPC is your go-to agency for complaints and solutions to your challenges. If you want to find out if a company/overseas buyer is legitimate or not; you can contact the Nigeria Export Promotion Council who would help you investigate through the buying country‘s embassy.
• Provide Financial Support: Lastly, you can get financial support through the NEPC; although the NEPC might not be able to give you direct loans, they can provide useful information on where to get loans easily for your export business. They may also be able to guarantee a loan for you.
Conclusion
The Nigerian government through The Nigerian Export Promotion Council is increasingly encouraging Nigerian industrialists, businessmen and agriculturalists to export more non-oil products so as to grow the country‘s export index, create jobs, and in the long run stabilize Nigeria‘s economy. There are a lot of emerging exportable agro Commodities such as palm oil, palm kernels, cashew etc. yet untapped in Imo State. NEPC encourages farmers to form clusters and engage in exportation of their produce.
The roles exportation plays in boosting a nation‘s economy and its importance cannot be over-emphasized. The functions of the Nigeria Exportation Promotion Council (NEPC) are great values to exporters. There is a great need to be acquainted with its functions. These functions apply to both new and experienced exporters in Nigeria.
Reference
Samuel Edet, 2019. 11 Key Functions of the Nigeria Export Promotion Council. Accessed online at https://bowagateglobal.com/2019/11/18/key-functions-nigeria-export-council/

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