FG To Borrow Money To Support Nigerian Exporters
The federal government is looking for a way to export more, and it is therefore issuing debts to exporters as incentives.
This was disclosed by the Executive Director/Chief Executive Officer of Nigerian Export Promotion Council, NEPC Mr Olusegun Awolowo, on Thursday, who said that the federal government would soon approve the settlement of 350 billion-naira exporters credit through the issuance of the promissory note.
A promissory note is a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
Awolowo said President Muhammadu Buhari would soon be launching the new export credit certificate and the promissory note certificate which would serve as an incentive to exporters.
This, he said, would help to restore confidence in the system as well as increase export target by 20% before the end of this year.
“At the end of the year, all things being equal, we target at least a 20% increase and that is going to really work now because in the next one-week Mr President is going to be launching the new export credit certificate and the promissory note certificate.
“The promissory note is the indebtedness, we carry it over as our incentive to exporters. The President has graciously approved, and we are looking at some N350bn worth of promissory note that will go out to exporters,” he said.
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