NEPC Calls for Submission of EEG Baseline Data

April 9, 2017
NEPC Calls for Submission of EEG Baseline Data

NEPC Calls for Submission of EEG Baseline Data

By Modupe Gbadeyanka

The Nigerian Export Promotion Council (NEPC) has asked exporters interested in or those already registered for the Export Expansion Grant (EEG) scheme submission of 2013, 2014, 2015 and 2016 baseline data for the purpose of determining their EEG rates for 2014, 2015, 2016 and 2017 non-oil exports respectively to begin the submission from Wednesday, March 29, 2017.

In a statement signed by Mr George Enyiekpon, the Director of Export Development & Incentives for the Executive Director/CEO of the agency, Mr Segun Awolowo, it was explained that this development followed the lifting of the suspension of the scheme by the Federal Government.

The NEPC said the documentation requirements include complete Baseline forms 1A, 1B, 1C and their annexes. It said the forms can be assessed on www.nepc.gov.ng. Also, exporters are to provide Audited Financial Statements, which must include Value Added Statements for the respective base years.

However, the agency said photocopies of Financial Statements are not acceptable, stressing that any photocopy must be duly certified by the Company’s Auditor.

“Companies, who are submitting baseline data for the first time should in addition to the above, submit their Financial Statements for 2011, 2012 and 2013, if applicable. New companies should submit their current Management Account and Projected Financial Statements for 2018,” it said.

It was stated further that in order to ensure that the information provided in the baseline data forms conform with what is contained in the Audited Financial Statement, all exporters are further requested to provide analysis of Turnover into Local and Export Sales, analysis/Schedule of Total Export Sales (N) showing the conversion rates used, and details of addition to Fixed Assets during the Year as well as breakdown /analysis of Cost of Sales into local and Foreign Input (Raw materials and packaging).

NEPC emphasised that all figures must correspond to the information provided in the Audited Financial Statement for the period under review and all exporters must include in their submission the company’s 5-year Export Expansion Plan (EPP).

The agency said for orderly and smooth processing of EEG applications, the submission of baseline data will close on April 27, 2017, pointing out that applications will only be submitted after the determination and communication of EEG rates to exporters.

NEPC warned that “there shall be no extension of the deadline,” advising exporters “to strictly adhere to the guidelines on the Revised Guidelines on EEG. Incomplete or illegible documents will not be accepted.”

The NEPC said that it would “not accept responsibility for claims denied in respect of incomplete and illegible documents,” noting that “all submissions must be addressed to the Executive Director/CEO, NEPC.”

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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