iii)EXPORT PROHIBITION AND CONTROLS
Under Nigeria’s Export Prohibition Act, certain exports are prohibited for purposes of domestic food security, value-added considerations, and preservation of cultural heritage. Currently, the ban covers raw hides and skins, timber (rough or sawn), scrap metals, unprocessed rubber latex and rubber lumps, rice, yams, maize, beans and artifacts and antiquities.

(iv) EXPORT INCENTIVES
The various incentive schemes available to exporters may somewhat reduce the anti-export bias resulting from the protection of domestic markets by high tariff and import prohibitions.

(a) EXPORT SUBSIDIES AND FINANCE
The Export Expansion Grant Fund scheme (EEGF) provides cash inducement to exporters who have exported a minimum of N500,000 of processed products. The objective of the scheme is to stimulate exporters to expand the volume of exports, diversify their product and market coverage. Exporters of processed products are entitled to a 4% grant on their total annual export turnover, subject to receipt of confirmation of repatriation of export proceeds from the CBN and presentation of a performance bond from any of the recognized financial institutions.

(b) DUTY DRAWBACK, AND MANUFACTURE-IN-BOUND SCHEMES
A drawback scheme allows for duties (including other levies) charged on raw materials used in the manufacture of products to be refunded upon the export of the final products. The purpose of this scheme is to encourage manufacturing for exports. The scheme is to provide automatic refunds of up to 60% upon initial screening by the Duty Drawback Committee; the balance of the funds is granted upon final processing of the application. To be eligible, applicants must be companies incorporated in Nigeria. Under the manufacture-in-bond scheme, raw materials may be imported duty-free for the production of export goods, on the basis of a bond issued by a recognized financial institution. The bond is discharged upon production of proof of export and repatriation of foreign exchange.

(c) EXPORT PROMOTION AND ASSISTANCE
The Export Development Fund (EDF) was set up by the Government to help finance certain activities of private exporting companies. These include: participation in training courses, symposia, seminars, and workshops; advertising and publicity campaign in foreign markets; product design and consultancy; participation in trade mission, buyer-oriented activities, overseas trade fairs, exhibitions, and sales promotion; collection of trade information; organization of export groups; and studies in respect of setting up export-oriented industries. The maximum grant per company for each activity is 50% of the total direct cost approved, up to maximum of N200,000.

(v) EXPORT PROCESSING ZONES
The law establishing EPZs was enacted in 1992 and supports the establishment of industrial and businesses within demarcated zones, principally for export purposes. EPZs are also being used to address the infrastructure and regulatory deficiencies inhibiting export-oriented companies in Nigeria.

These policies on Imports and Exports are extracts from “Trade Policies and Practices By Measure from www.wto.org

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