‘New Export Licenses Demand Proof Of Repatriation’ — Notice From FG To Exporters

According to the federal government, in order to be eligible for new export licenses and permits, aspiring exporters must provide documentation of their official repatriation of revenues.

The minister of information and national orientation, Mohammed Idris, made this statement on Friday during a town hall meeting with the Kano business community.

The minister's special media assistant, Rabiu Ibrahim, made this revelation in a statement.

According to him, changes are being made to the export permit application procedure to make sure Nigeria keeps more of the foreign cash earned from its exports.

“To ensure that Nigeria retains more foreign exchange from its exports, the export permit application process is being revised and automated. Intending exporters will now have to show genuine proof of formal repatriation of export proceeds before new export licences and permits are granted,” Idris said.

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“The federal government is reconstituting the national trade facilitation committee, which convenes various relevant agencies and private sector representatives (under the leadership of the federal ministry of industry, trade and investment), to resolve and remove administrative and operational bottlenecks facing domestic and external trade in the country.”

The minister stated that President Bola Tinubu's goal is to facilitate corporate growth by reducing red tape, offering incentives for investment, building infrastructure, and implementing strong policies that promote stability and prosperity in the economy.

He added that in order to remove the obstacles that businesses in Nigeria confront, the newly formed Presidential Enabling Business Environment Council (PEBEC) is collaborating closely with state governments.

“As part of the ease of doing business, the Corporate Affairs Commission (CAC) has been mandated to operate a 24-hour online registration timeline for new businesses,” Idris said.

The minister added that by lowering operational expenses for oil and gas activities in Nigeria, which are now forty percent, the new executive order signed by Tinubu will unleash the enormous potential of the country's oil and gas industry.

“It will generate a billion cubic feet per day additional gas supply, create 2.3 million jobs, and boost GDP by $17 Billion. The new tax incentives being implemented have the potential to attract up to $10 Billion in new oil and gas investment,” he said.

Idris claimed that as a result of tighter security measures implemented throughout the Niger Delta, the nation's LNG shipments have increased, rising from an average of 16 shipments in 2023 to 21 shipments in the first quarter of 2024.

He said that from 1.22 million barrels per day in the second quarter of 2023 to 1.6 million barrels per day in the first quarter of 2024, crude oil production had increased as well.

According to the minister, in a conscious attempt to promote industrialization, the federal government recommended 20 enterprises for expansion and increased production capacity through import duty exemption certificate (IDEC) letters.