THE Nigerian Export Promotion Council (NEPC) says the Domestic Export Warehouses (DEW), which it established, will facilitate earnings from non-oil exports across the country to the tune of $200 billion.
The Central Bank of Nigeria (CBN) had in February 2022 initiated a non-oil export programme, named RT200, to stimulate non-oil exports in order to earn $200bn in three to five years.
At the presentation of letters to the approved DEW operators in Abuja on Monday July 25, 2022, the Chief Executive Officer, NEPC, Ezra Yakusak, said the DEW initiative was in line with the CBN’s target of stimulating the Nigerian economy through non-oil export earnings.
“CBN’s RT200 is a directive to ensure that in the next five years, we should earn $200bn through exports. The essence of DEW is to facilitate export and curb supply-side constraints. So, the DEW is a facilitation process where the CBN policy will be achieved,” Yakusak said.
On the Export Expansion Grant, (EEG) he disclosed that N375bn had been approved for exporters, while the Minister of Finance, Zainab Ahmed, had written a letter to President Muhammadu Buhari for approval, for onward transmission to the National Assembly for ratification.
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According to him, DEW was set up to provide best practices in storage and to fast-track logistics, as well as to facilitate efficient and seamless documentation processes that would ensure timely delivery of exportable products.
He noted that the DEW initiative was expected to significantly reduce the cost of doing business for micro, small and medium exporting firms, and serve as a one-stop transit facility/terminal where pre-shipment activities such as fumigation, packaging and aggregation would be done in preparation for transportation and shipment to export destinations.
“We have about two DEW operators that are ready for full commissioning and operations. We have to wait for other agencies because it is an inter-agency collaboration,” Yakusak said, stressing that the NEPC had had direct contacts with heads of agencies, which made the task easier.
He added, “So far, they have been very cooperative. It is a directive by the Federal Government, and the National Action Plan 7.0 directed specifically that we should ensure full popularisation of DEW.”
One of the DEW operators, who is the Managing Director/Chief Executive Officer, BOU Nigeria Limited, Eze B.O. Uzuegbu, said for operators to meet the required target, they must produce goods that would meet global standards.
“We are ready to go, but we cannot manufacture goods that are shipped without being assisted,” he said, urging the Federal government to set up clusters and assist DEW operators with cheap loans, as he said it is being done in Taiwan.
“Our people are excellent in production but poor in finishing. If Zimbabwe, Zambia and other countries can export flowers, I do not see what is keeping us from doing the same,” Uzuegbu said.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.