GCE Commerce 2023 Theory — Question 10

Model answer

1. Export promotion council: (i) Facilitate export trade by providing exporters with information, training and support. (ii) Promote Nigerian products in international markets by organizing trade fairs and exhibitions, and help develop standards for products to meet international quality standards. (iii) Provide financial assistance to exporters in the form of loans, grants and guarantees, and help exporters access other sources of financing such as commercial banks and export credit agencies. (iv) Liaise with other organizations such as government agencies, the Central Bank, the Nigerian Customs Service, and international organizations such as the WTO and the African Union. 2. Customs and excise authority: (i) Collect customs duties on imported goods, a major source of government revenue. (ii) Prevent smuggling of goods into and out of the country. (iii) Enforce trade regulations such as import and export quotas, designed to protect the domestic economy from unfair competition. (iv) Provide trade information to businesses, such as import and export procedures, essential for businesses to operate effectively in the international market.