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Laws of the Federation Preview 28 min read

Export (Incentives and Miscellaneous Provisions) Act

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Arrangement of Sections

1. Retention of export proceeds in foreign currency

2. Administration of incentives

3. Exportation of raw and unprocessed goods and commodities

4. Establishment, etc., of Export Development Fund

5. Establishment, etc., of Export Expansion Grant Fund

6. Establishment, etc., of Export Adjustment Scheme Fund

7. Participation in Schemes

8. Administration of Schemes

9. Establishment of Duty Draw-back Committee

10. Specification of rates, etc

11. Application of Cap. 17 to export oriented industries

12. Interpretation

13. Short title

An Act to provide incentives to manufacturing exporters of exportable products and for matters connected therewith .

[1986 No. 18.]

[11thJuly,1986]

[Commencement. ]

PART I

Export incentives

1. Retention of export proceeds in foreign currency

(1) Notwithstanding the provisions of any enactment to the contrary, a Nigerian exporter may retain all his export proceeds in foreign currency in his bank account in Nigeria.

[1992 No. 65.]

(2) The foreign currency retained pursuant to subsection (1) of this section, shall be effected as soon as the foreign exchange earned on the export sales is received in Nigeria.

[1992 No. 65.]

(3) The foreign currency retained pursuant to subsection (1) of this section, shall be for the purpose of enabling the exporter have at his disposal, foreign currencies to pay for such export related activities as may be prescribed by regulations made by the Nigerian Export Promotion Council in consultation with the Central Bank of Nigeria.

[1992 No. 65.]

2. Administration of incentives

The Nigerian Export Promotion Council shall, to the exclusion of any other Government body or authority, be charged with responsibilities for administering the incentives contained in this Act.

[1992 No. 65.]

3. Exportation of raw and unprocessed goods and commodities

(1) As from the commencement of this Act, all raw or unprocessed commodities, whether mineral or agricultural, shall be exportable on the payment of a levy as may be prescribed, from time to time, by order of the Nigerian Export Promotion Council.

[1992 No. 65.]

(2) Subject to subsection (1) of this section, all exports from Nigeria shall be exportable without the production of an export licence, provided all existing foreign exchange regulations are complied with.

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