FG to issue promissory note to settle N350bn exporters’ debt

Image result for FG to issue promissory note to settle N350bn exporters’ debtthe Executive Director/Chief Executive Officer, Nigerian Export Promotion Council, Mr Olusegun Awolowo, on Thursday, said that Federal Government would soon approve the settlement of N350bn exporters credit through the issuance of the promissory note.

He said this at the inauguration of NEPC Anti-Corruption and Transparency Monitoring Unit held in Abuja.

A promissory note is a debt instrument, in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time, under specific terms.

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.

Awolowo said this would help to restore confidence in the system as well as increase export target by 20 per cent before the end of this year.

He said, “At the end of the year, all things being equal, we target at least a 20 per cent 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.

“So that will help them bring confidence back into the system and the whole system is now renewed. We are going to have an export credit certificate that you can use for your tax, customs duties to settle debts. We think with that it will be a big boost to export promotion again in Nigeria.”

Awolowo said that the council was complying with the directives of the Independent Corrupt Practices and other Related Offences Commission, adding that corruption posed a serious development challenge in society.

He said that as an export promoting organisation, the NEPC must not be found engaging in corrupt practices due to the need to boost investors’ confidence.

He said “We are an export promoting organisation, it stands to reason that we are trying to take companies out with good standards and good products. Therefore, we must not be found wanting; that’s what it means.

“It means that the world will have confidence in us that we are in full compliant with the laws of the land and with that confidence they repose in us, then we are able to promote Nigerian companies.”

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