Quick Answer: What Are The Functions Of Nigerian Export Promotion Council?

What is the importance of export promotion?

Export promotion is used by many countries and regions to promote the goods and services from their companies abroad.

This is good for the trade balance and for the overall economy.

Export promotion can also have incentive programs designed to draw more companies into exporting..

How do you promote export trade?

Successful strategies to help developing countries boost exportsCreation of duty drawback schemes. … Increasing the availability of credit. … Simplifying regulation. … Improving cooperation among economic actors. … Combining short-term and long-term export growth policies.

How can I get export license in Nigeria?

The Business or individuals who wish to export from Nigeria is required to register with the Nigerian Export Promotion Council (NEPC). An exporter is required to complete and register Form NXP with an Authorized Dealer i.e., any Bank of his choice, in Nigeria.

What is EPC in export?

INTRODUCTION. Export promotional Councils (EPC) are authorities which are basically promoting, supporting and assisting firms in entering the International markets and realising their optimum potential from given resources. They also provide guidance and assistance to the exporters.

What are the objectives of export promotion in international marketing?

The ultimate objective of export promotion is to diversify over revenue base through planned export development in order to ensure a steady and increased inflow of foreign exchange through exportation. Though the oil sector will still remain dominant in the national economy.

How does export contribute to economic growth?

Growing export sales provide revenues and profits for businesses which can then feed through to an increase in capital investment spending through the accelerator effect. Higher investment increases a country’s productive capacity which then increases the potential for exports.

How can I export goods from Nigeria?

A guide for your flawless export businessStep 1: Do a research. When it comes to exporting any products from Nigeria to other countries, you have to research everything about the export business, as well as the goods you plan to export. … Step 2: Register your export business. … Step 3: Search for foreign customers.

What is ECGC and its function?

Introduction. (ECGC) functions under the ministry of commerce and industry, Department of Commerce, Government of India. It is a central government undertaking body to provide export credit guarantee/ insurance to the exporters in the case of the default of payments by the buyer.

What do you mean by export promotion?

Export promotion has been defined as “those public policy measures which actually or potentially enhance exporting activity at the company, industry, or national level”. … Export Promotion strategy promotes only the industries that have potential for developing and competing with foreign rivals.

What are the activities of export promotion?

Export Promotion Agencies (EPAs) are present in most countries. EPAs’ activities range from providing financial assistance (credit, insurance), to market intelligence (firms and products), technical assistance for transport logistics, product certification, and participation in trade fairs.

Why is it important to export more than import?

If you import more than you export, more money is leaving the country than is coming in through export sales. On the other hand, the more a country exports, the more domestic economic activity is occurring. More exports means more production, jobs and revenue.

When was Nigeria Export Promotion Council established?

1976Nigerian Export Promotion Council/FoundedThe Nigerian Export Promotion Council] (NEPC) was established through the promulgation of the Nigerian [Export]] Promotion Council Decree No. 26 of 1976, and was formally implemented in March 1977.

How do I register with NEPC?

Any individual or a business entity who wants to venture into export business in Nigeria needs to complete the NEPC registration form obtainable online at www.nepc.gov.ng pay the relevant processing fee, upload relevant documents: Certificate of Incorporation. Memorandum and Articles of Associations.

What are the functions of Export Promotion Council?

Export Promotional Council collects export and import data of its members, as well as other data which is relevant to International Trade to build a statistical base to compare industry growth. They organise Trade Delegations to explore opportunities of exporting products in other countries.

What are the roles of Nigerian Export Promotion Council?

The Nigerian Export Promotion Council (NEPC) is the Federal Government of Nigeria’s apex institution for the promotion, development and diversification of exports. NEPC has over the years worked to achieve its mandate by: coordinating and harmonising export development and promotion activities in the country.