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INCENTIVES FOR SMALL SCALE INDUSTRIES

Non-Oil Export Financings`

The Nigeria Export-Import Bank (NEXIM) was established by Decree No. 38, 1991, to provide export/investment credit and insurance guarantee, price income and interest rate risks cover. NEXIM provides trade information, adversary services, export credit Rediscounting and Refinancing Facility (R.R.F.) And Foreign Input Facility (F.I.F.) which is the foreign exchange component of raw materials’ importation. 'edit

Trade Fairs

At Domestic and International Trade Fairs, the State Government provides free promotional participation for new and small scale enterprises. Trade Fairs provide the opportunity for promoting investments. The State Ministry of Commerce, Industry and Tourism, in collaboration with the Investment Promotion Council organizes annually the “EKO EXPO” which has now become a foremost Domestic Fair in Nigeria. In addition the Lagos Chamber of Commerce and Industry, stages annually the Lagos International trade Fair, at the Trade Fair Complex, Badagry Expressway, Ojo. This Fair is reputed to be the largest business market in the ECOWAS sub-region and it attracts to Nigeria, investors from other parts of the world. The World Trade Centre of Nigeria, has its headquarters in Lagos which provides information and consultancy services on international trade.
Maritime Services

The National Maritime Authority, located in Burma Road, Apapa provides the following incentives to shippers:
i Payments: All payments for service offered to foreign vessels at Nigerian seaports to be paid for in foreign exchange.
ii Charges: National carriers would be subjected to carriage of not less than 5% of bulk cargoes to and from Nigeria.
iii Exports/Imports: National carriers have exclusive right to freights of all state owned enterprises, parastatals.
iv Foreign Exchange: Indigenous shipping companies may keep 25% of net foreign exchange earning abroad.

 
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