Cashew exporters expect N18bn negotiable duty credit grant

The National Cashew Association of Nigeria (NCAN) says its exporters are expecting N18 billion in grant after the Federal Government lifted the suspension on the Negotiable Duty Credit Certificate (NDCC).

Sotonye Anga, the association’s spokesperson, told the News Agency of Nigeria (NAN) in Lagos that his members would benefit this from the N99 billion just released for Export Expansion Grant (EEG).

It would be recalled that Ngozi Okonjo-Iweala, the coordinating minister for the economy and minister of finance, had on Tuesday, announced the restoration of Export Expansion Grant (EEG) to boost export.

Anga said that the Export Expansion Grant was suspended four years ago.

According to him, the suspension has hindered the growth of the country’s export sector.

He expressed optimism that the restoration of EEG would boost the non-oil sector and accelerate the country’s economic growth.

“This is really a good time for the cashew export.

“A total of N98 billion was released for the NDCC and the cashew sector will get N18 billion.

“This will help to boost exporters’ business, especially as we prepare for the new cashew season.

“When the scheme was suspended, export activities were halted, especially the non-oil sector,’’ Anga said.

He commended the government for lifting the suspension, saying that the money should be released to the beneficiaries on time.

Anga said that the money had accumulated for too long and exporters needed to organise their businesses for 2015 farming season.

“We appeal to the Federal Government to release the money in good time.”

- businessdayonline.com