Nigeria approves US$1bn of promissory note

Mr Olusegun Awolowo, the Executive Director, Nigerian Export Promotion Council (NEPC) says the Federal Government has approved US$1.05 billion worth of promissory notes to service exports.

Awolowo said this in Abuja on Thursday at the inauguration of NEPC Anti- Corruption and Transparency Unit (ACTU).

According to him, the promissory note will help reposition the council as well as ensure confidence in the system.

He said that the council would ensure the promotion of export by a 100 per cent in Nigeria by the end of 2019.

“In the next one week, President Muhammadu Buhari is going to be inaugurating the new export credit certificate and the promissory note certificate.

“The promissory note is the indebtedness we carried over at our internship to export services. The whole system is now renewed, it is now an export credit certificate that is intended which you can use for charges, custom duties to settle debts and many others.

“We think with that, it will be a big boost to promote export again in Nigeria,’’ Awolowo said.

While inaugurating the NEPC/ACTU, he said that the Independent Corrupt Practices Commission (ICPC) had directed that every organisation must have the body to help with the process and guide against corruption.

According to him, corruption poses a serious development challenge in the society as it threatens sustainable administrative and economic development by infringing or undermining formal processes thereby, destabilising public confidence in government affairs.

He said that meaningful progress and development would not be achieved if concerted efforts were not taken to curb the scourge of corruption in the public service.

“S, we are happy that we have complied with that and we thank the ICPC for coming to inaugurate them.

“ICPC will train them and also guide staff and managements to exclude themselves from every corruption,’’ Awolowo said.

He said that the unit would help the council check companies with good standards, good products as the staff must not be found wanting.

“The world will have confidence in us because we are in full compliance with the laws of the land to promote Nigerian companies,’’ Awolowo said.

Mr Justin Kuatsea, the Assistant Director and Head of ICPC Anti Corruption Unit, said that the fight against corruption was not to witch-hunt people.

Kuatsea said that establishment of the unit was aimed at looking at procedures and help address corruption.

He said that the commission had established 428 units in different Ministries, Agencies and Departments (MDAs).

“It is better to prevent corruption and we have a standing order to carry out the assignment to look at systems that are not working well,’’ Kuatsea said.