The federal government says intending exporters would have to show proof of formal repatriation of proceeds before new export licences and permits are granted to them.
Mohammed Idris, minister of information and national orientation, said this on Friday at a town hall meeting with the business community in Kano.
This was disclosed in a statement by Rabiu Ibrahim, special assistant on media to the minister.
He said the export permit application process is being revised and automated to ensure Nigeria retains more foreign exchange from its exports.
“To ensure that Nigeria retains more foreign exchange from its exports, the export permit application process is being revised and automated. Intending exporters will now have to show genuine proof of formal repatriation of export proceeds before new export licences and permits are granted,” Idris said.
“The federal government is reconstituting the national trade facilitation committee, which convenes various relevant agencies and private sector representatives (under the leadership of the federal ministry of industry, trade and investment), to resolve and remove administrative and operational bottlenecks facing domestic and external trade in the country.”
According to the minister, the vision of President Bola Tinubu is to create an enabling environment where businesses can thrive through streamlining regulations, investment incentives, provision of infrastructure, and robust policies aimed at fostering economic stability and prosperity.
He said the reconstituted Presidential Enabling Business Environment Council (PEBEC) is working closely with state governments to eliminate the bottlenecks businesses face in Nigeria.
“As part of the ease of doing business, the Corporate Affairs Commission (CAC) has been mandated to operate a 24-hour online registration timeline for new businesses,” Idris said.
The minister also said the new executive order signed by Tinubu will unlock the huge potential of the nation’s oil and gas industry by bringing down operating costs for oil and gas operations in Nigeria, which currently stand at 40 percent.
“It will generate a billion cubic feet per day additional gas supply, create 2.3 million jobs, and boost GDP by $17 Billion. The new tax incentives being implemented have the potential to attract up to $10 Billion in new oil and gas investment,” he said.
Idris said through enhanced security measures across the Niger Delta region, the country’s liquefied natural gas (LNG) cargoes have increased from an average of 16 cargoes in 2023 to 21 cargoes in the first quarter of 2024.
He said crude oil production has also risen from 1.22 million barrels per day in the second quarter of 2023 to 1.6 million barrels per day in Q1 2024.
The minister said the federal government issued import duty exemption certificate (IDEC) letters of recommendation to 20 manufacturers for expansion and enhanced production capacity in a deliberate effort to boost industrialisation.
