EXPORT DEVELOPMENT FUND (EDF) SCHEME SUBMISSION OF APPLICATIONS
In line with the implementation of the Federal Government’s Economic Recovery and Growth Plan (ERGP); which incorporated the revival and launching of the Export Development Fund (EDF) as incentives to boost export, the Nigerian Export Promotion Council is embarking on the implementation of one of its mandate of developing and promoting Non-Oil Exports through the provision of the Export Development Fund.
The EDF was set up to provide technical and operational capacity to indigenous firms especially Small and Medium Enterprises (SMEs) in form of grants to expand local content and value addition to raw materials before exporting overseas. The Scheme is also designed to provide assistance in the form of reimbursable grants to Nigerian companies or entities that intend to carry out formal export of Goods and services from Nigeria.
(2) FEATURES OF THE SCHEME
The EDF is intended to be used to provide financial and technical assistance to private sector potential and exporting companies with specific focus on SMEs, to cover part of their initial expenses in respect of export promotion activities covering the following areas:
(i) Participation in training courses, symposia, seminars and workshops in all aspects of export promotion advertising and publicity campaigns in foreign markets
(ii) Export market research and studies
(iii) Product design and consultancy
(iv) Participation in trade missions, buyer-oriented activities, overseas trade Fairs, exhibitions and store promotion
( v) Cost of collecting trade information
(vi) Organisation of joint export groups and mutual export guarantee associations.
(vii) Backing up the development of export-oriented industries
(3) ELIGIBILITY CRITERIA
For any company to benefit from the scheme the following conditions must be fulfilled:
(a) An intended beneficiary must be registered with the Corporate Affairs Commission (CAC).
(b) An intended beneficiary must be a registered exporter with the Nigerian Export Promotion Council (NEPC).
( c) The qualifying company shall be registered with its operations in Nigeria and having at least 80% Nigerian equity
( d) The Export Development Fund shall be applicable to products or services of Nigerian origin.
( e) Audited Financial Statements, for one year (where applicable).
( f) New companies should submit their current Management Account and Projected Financial Statements for 2018.
(5) APPLICATION PROCESS
(i) All applications for EDF assistance, in respect of all qualified activities must be made in the prescribed application forms and must be accompanied with a detailed work plan of the project and a project document.
(ii) Application must reach the EDF Secretariat in good time before the commencement of the project
(iii) A draft of the proposed export activity must be submitted to the Secretariat in advance for approval by the Committee.
(iv) The Secretariat shall communicate to the company the amount of assistance that has been approved.
(v) The company shall submit a detailed report of the activities undertaken, which should contain, amongst others, evidence of expenditure related to the export activities for which approval has been granted.
PLEASE NOTE THAT THERE SHALL BE NO EXTENSION OF THE DEADLINE.
For further necessary information, please visit the NEPC website www.nepc.gov.ng
(6) Exporters are advised to strictly adhere to the guidelines on the EDF. Incomplete or illegible documents will not be accepted.
(7) The Nigerian Export Promotion Council will not accept responsibility for claims denied in respect of incomplete and illegible documents. All submissions must be addressed to the Executive Director/CEO, NEPC.