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How to Access the Central Bank of Nigeria Non-oil Export Fund

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How to Access the Central Bank of Nigeria Non-oil Export Fund The Central Bank of Nigeria (CBN) has issued a guideline to access its Non-Oil Export Stimulation Facility (NESF). The fund was introduced to diversify the revenue base of the economy and to expedite the growth and development of the nation’s non-oil export sector. This was disclosed in a document published on the apex bank’s website. The facility, according to the document, will help redress the declining export financing and reposition the sector to increase its contribution to economic development. Objectives of the CBN Non-oil Export Fund * Improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets; * Attract new investments and encourage re-investments in value-added non-oil exports production and non-traditional exports; * Shore up non-oil export sector productivity and create more jobs; *Support export-oriented companies to upscale and expand their export operations as well as capabilities; and * Broaden the scope of export financing instruments. Who qualifies for the fund? * Firms that are duly incorporated in Nigeria under the Companies and Allied Matters Act (CAMA) and have verifiable export off-take contract(s). * Satisfactory credit reports from at least two Credit Bureaux in line with the provisions of CBN Circular BSD/DIR/GEN/CIR/04/014 dated April 30, 2010. * All applications shall be in compliance with CBN circulars BSD/DIR/GEN/LAB/07/015 and BSD/DIR/GENLAB/07/034 on “Prohibition of Loan Defaulters from Further Access to Credit Facilities in the Nigerian banking System” and “Guidelines for Processing Requests from DMBs to Extend New/Additional Credit Facilities to Loan Defaulters and AMCON Obligors” dated June 30, 2014 and October 10, 2014, respectively. Eligible Transactions * Export of goods processed or manufactured in Nigeria; * Export of commodities and services, which are allowed under the laws of Nigeria and do not violate the principles of non-interest banking and finance; * Imports of plant & machinery, spare parts, and packaging materials, required for export-oriented production that cannot be sourced locally; * Resuscitation, expansion, modernization, and technology upgrade of non-oil export industries; * Export value chain support services such as transportation, warehousing and quality assurance infrastructure; * Working capital/stocking facility; and Participating Financial Institutions (PFIs) * Non-Interest Banks (NIBs). * Non-Interest Development Finance Institutions (NI-DFIs). Features of the NESF * Financing Limit Term financings under the Facility shall not exceed 70% of verifiable total cost of the project subject to a maximum of ₦5,000,000,000.00. Tenor The NESF shall have a tenor of up to 10 years and shall not exceed the 31st December 2027. Working capital/stocking facility shall be for one year. Where applicable, the facility can be rolled-over twice on a reducing balance basis of 33.3% of the original amount. Repayment Repayments of principal and return shall be quarterly and in accordance with the agreed repayment schedule. Moratorium * Moratorium shall be project-specific and shall not exceed two (2) years. * In case of construction, additional moratorium of up to one (1) year may be allowed, subject to approval by the CBN. * Rates of Return: The Facility shall be granted at an all-inclusive rate of return of 9% per annum. Application Procedures A PFI shall submit an application to CBN on behalf of its customer in the prescribed format. In the case of financing syndication, the lead bank shall submit an application on behalf of other banks. All correspondence with respect to the application shall be with the lead bank. Each request for a facility is to be accompanied by the following documents: a) Written request from the project promoter to a PFI seeking financing under the NESF. b) Completed application form. c) Certified true copies of documents on business incorporation. d) Three (3) years tax clearance certificate. e) Audited statement of accounts for the last three (3) years (where applicable) or the most recent management account for companies less than three (3) years in operations. f) Feasibility study/ business plan of the project. g) Relevant permits/ licenses/ approvals (where applicable). h) Verifiable export orders/ contracts or other export agreement and arrangements/ commitments. See details of the guidelines here

How to Access the Central Bank of Nigeria Non-oil Export Fund The Central Bank of Nigeria (CBN) has issued a guideline to access its Non-Oil Export Stimulation Facility (NESF). The fund was introduced to diversify the revenue base of the economy and to expedite the growth and development of the nation’s non-oil export sector. This […]

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Importer of Record Services in Nigeria

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Importer of Record Services in Nigeria IMPORTER OF RECORD SERVICES IN NIGERIA Industrial Renaissance provides overseas companies and multinationals with a full importer of record services in Nigeria through which the team does the following: Carry out a full legal compliance assessment; Identify Nigerian import permits, licenses or compliance requirements; Obtain necessary documentation, import licenses and permits as required in Nigeria; Prepare filings to the Nigerian Customs, tax authorities and other relevant government agencies; Pay the assessed import duties and taxes on clients’ behalf on the goods imported; Provide storage and warehousing services in Nigeria, if required by client; Provide all local support required to clear shipments; Perform the last-mile delivery to the end user in Nigeria. TRANSACTIONS THAT REQUIRE IMPORTER OF RECORD SERVICES IN NIGERIA The following transactions require importer of record services in Nigeria: Shipping of consumer products, pharmaceutical products, industrial equipment, service parts, etc. to a Nigerian branch or representative office in Nigeria that is not registered for tax purposes in Nigeria; Shipments to customers in Nigeria who do not have import permits in Nigeria. ADVANTAGES AND BENEFITS: Industrial Renaissance Importer of Record (IOR) services save clients the costs of establishing legal entities in Nigeria, as well as the costs of rent or acquisition of office space and warehouse, staff salary, taxes, pensions, hardship allowances, etc. We performs compliance assessment to define import restrictions (import licenses, import permits, and certification requirements), as well as acquisition process and timeline for permits and certification, customs taxes, duties and charges. If your company doesn't have a physical presence in the Nigeria, this can cause you many unwanted complications and expenses. Importer of Record services as provided by Industrial Renaissance Ltd. can offer representation as your company's officially recognized legal entity in Nigeria. For enquiries, please, contact a member of our team directly, WhatsApp +234 818 701 9206, or email at invest@indusren.com.

Importer of Record Services in Nigeria Industrial Renaissance provides overseas companies and multinationals with a full importer of record services in Nigeria through which the team does the following: Carry out a full legal compliance assessment; Identify Nigerian import permits, licenses or compliance requirements; Obtain necessary documentation, import licenses and permits as required in Nigeria; […]

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Nigeria: African Development Bank approves US$100 million for expansion of fertilizer production

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NIGERIA: AFRICAN DEVELOPMENT BANK APPROVES US$100 MILLION FOR EXPANSION OF FERTILIZER PRODUCTION The African Development Bank has approved US$100 million senior loan to Nigerian firm, Indorama Eleme Fertilizer & Chemicals Limited, to support the company’s plans to double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum. The Bank’s […]

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Op-Ed: Why the world should follow China and invest in Africa ’s future

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OP-ED: WHY THE WORLD SHOULD FOLLOW CHINA AND INVEST IN AFRICA’S FUTURE Hendrik du Toit, co-CEO of Investec Group argues African economies have been resilient and the continent’s long-term growth story – particularly green growth – remains compelling to invest in Africa. By Hendrik du Toit is co-CEO of Investec Group I remember a time, over 20 years ago now, when virtually […]

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Importer of Record (IOR) in Nigeria

Posted on by indusren
Importer of Record Services in Nigeria IMPORTER OF RECORD SERVICES IN NIGERIA Industrial Renaissance provides overseas companies and multinationals with a full importer of record services in Nigeria through which the team does the following: Carry out a full legal compliance assessment; Identify Nigerian import permits, licenses or compliance requirements; Obtain necessary documentation, import licenses and permits as required in Nigeria; Prepare filings to the Nigerian Customs, tax authorities and other relevant government agencies; Pay the assessed import duties and taxes on clients’ behalf on the goods imported; Provide storage and warehousing services in Nigeria, if required by client; Provide all local support required to clear shipments; Perform the last-mile delivery to the end user in Nigeria. TRANSACTIONS THAT REQUIRE IMPORTER OF RECORD SERVICES IN NIGERIA The following transactions require importer of record services in Nigeria: Shipping of consumer products, pharmaceutical products, industrial equipment, service parts, etc. to a Nigerian branch or representative office in Nigeria that is not registered for tax purposes in Nigeria; Shipments to customers in Nigeria who do not have import permits in Nigeria. ADVANTAGES AND BENEFITS: Industrial Renaissance Importer of Record (IOR) services save clients the costs of establishing legal entities in Nigeria, as well as the costs of rent or acquisition of office space and warehouse, staff salary, taxes, pensions, hardship allowances, etc. We performs compliance assessment to define import restrictions (import licenses, import permits, and certification requirements), as well as acquisition process and timeline for permits and certification, customs taxes, duties and charges. If your company doesn't have a physical presence in the Nigeria, this can cause you many unwanted complications and expenses. Importer of Record services as provided by Industrial Renaissance Ltd. can offer representation as your company's officially recognized legal entity in Nigeria. For enquiries, please, contact a member of our team directly, WhatsApp +234 818 701 9206, or email at invest@indusren.com.

Importer of Record (IOR) in Nigeria IMPORTER OF RECORD (IOR) IN NIGERIA Importer of Record in Nigeria (IOR) is the entity that assumes the responsibility for legally importing goods into the Nigerian territory, paying duties, tariffs, and fees, and ensuring they are properly valued and documented. Industrial Renaissance provides a comprehensive range of importer of […]

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Nigeria’s Lekki Free Trade Zone Gains N4.55tr in Investment Inflow

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Lagos State Government of Nigeria has said investment in the Lekki Free Trade Zone has hit about N4.55 trillion. Commissioner for Commerce, Industry and Cooperatives, Rotimi Ogunleye told journalists yesterday in Alausa that the investment includes N3.35 trillion ($11 billion) from Dangote Group and N1.2 trillion ($4billion) from other investors. Ogunleye said about 116 investors […]

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Shandong Wuzgen Group Targets Akwa Ibom State – Nigeria for Plantation Development

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Akwa Ibom State government of Nigeria says a technology-based agricultural firm, Shandong Wuzgen Group, has arrived in the state to invest in the agric sector. Commissioner for Agriculture and Natural Resources, Dr. Charles Inyang, who spoke after an interaction between the directors of the firm and Governor Udom Emmanuel, said the state government was determined […]

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Local miners to benefit from N30bn intervention fund

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Operators in Nigeria’s mining industry will benefit from the N30bn Mining Intervention Fund approved by the Federal Executive Council, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said. Fayemi said this while inspecting quarrying facilities at CIBI Nigeria Limited’s quarry site in Buruku, Kaduna State, according to a statement issued in Abuja […]

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OPEN FOR BUSINESS: Nigeria Eases Immigration Processes For Business Travellers, Tourists To Boost Economy

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The Federal Government of Nigeria has reviewed the visa processes for foreigners who wish to visit Nigeria for business and tourism purposes, with a view to removing bureaucratic bottleneck and encouraging business travellers and tourists, thus giving a boost to the economy. In a statement issued in Lagos on Sunday, the Minister of Information and […]

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MTN Nigeria edges closer to 2017 stock market listing

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The Nigerian Stock Exchange (NSE) is working with MTN to list the company’s local arm by the end of 2017, Reuters reported. Speaking at a business conference yesterday, NSE CEO Oscar Onyema said the “pressure on MTN has never been higher to list,” adding the company was working with officials to confirm the details, the […]

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