Export (Incentives and Miscellaneous Provisions) Act, 1986 🇳🇬

Nigeria

Export (Incentives and Miscellaneous Provisions) Act, 1986

Commenced on 11 July 1986
[This is the version of this document at 31 December 2002.]

An Act to provide incentives to manufacturing exporters of exportable products and for matters connected therewith.

Part I – Export incentives

1. Retention of export proceeds in foreign currency

(1)Notwithstanding the provisions of any enactment to the contrary, a Nigerian exporter may retain all his export proceeds in foreign currency in his bank account in Nigeria.[1992 No. 65.]

(2)The foreign currency retained pursuant to subsection (1) of this section, shall be effected as soon as the foreign exchange earned on the export sales is received in Nigeria.[1992 No. 65.]

(3)The foreign currency retained pursuant to subsection (1) of this section, shall be for the purpose of enabling the exporter have at his disposal, foreign currencies to pay for such export related activities as may be prescribed by regulations made by the Nigerian Export Promotion Co…

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