【全非资讯·尼日利亚】Nigeria: Govt to Review Export Expansion Grant

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The Federal government says it has concluded plans to review the Export Expansion Grant (EEG) targeted at boosting exports in the country, while noting that the Scheme is no longer sustainable.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole made the disclosure in Abuja on Thursday at a stakeholder consultative forum

Daily Trust reports that the Export Expansion Grant Scheme is a scheme of the federal government that is to support non-oil exports to make them more competitive globally and regionally.

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Providing more insights, she said, "Unfortunately, the scheme has had some difficulties in the past few years. It hasn't been paid since about 2020. So the Tinubu administration has inherited quite a few of the scheme's outstanding payments.

"It has to do with validation and verification also of what the exporters put forward as claims. It's an inter-ministerial thing, it has a lot of agencies involved- Federal Ministry of Finance, CBN, it is anchored by the Federal Ministry of Industry, Trade and Investment as an export promotion tool under the NEPC. And so today I've had an engagement with Nigerian exporters on two things, as directed by Mr. President.

"First of all, the pathway to clearing the backlog and secondly the pathway to restructuring the scheme to make it sustainable, this is all in line with delivering His Excellency's $1 trillion economy under the Renewed Hope Agenda. Item number seven specifically asks us, that's FMITI, to diversify the economy and prioritize non-oil exports," she explained.

She added, "The President has also made some arrangements to earmark the NEST fund, 40% of it, to work towards a trade facilitation fund that will be independently managed. And so that trade facilitation fund is a sustainable pathway to paying the EEG that he has approved.

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