The Executive Director, Nigerian Export Promotion Council (NEPC),Mrs. Nonye Ayeni says her Council is working with the Federal Government and other relevant stakeholders to resolve the outstanding claims of about N330.08 billion under the Export Expansion Grand (EEG) scheme.
She said the Council is also working to design a new Framework for export initiative aimed at addressing longstanding liabilities owed to exporters, create more transparent and performance-based system for future interventions.
The Executive Director of the NEPC stated this on Thursday in Abuja at a stakeholder engagement on the EEG scheme organised by her council.
According to her, the engagement was convened to address unresolved issues surrounding the scheme and develop new measures to enhance our exporters.
Mrs. Nonye said the Minister of Industry, Trade and Investment directed her Council to take the lead and work with the MAEG in coordinated the engagement and ensure that all the beneficiaries of the EEG scheme were invited.
"The Minister directed that the Export Promotion Council should take the lead in coordinated this engagement and should work with MAEG to ensure that all beneficiaries of the EEG scheme are invited to participate. This is at the backdrop of the directive of His Excellency, President Bola Ahmed Tinubu GCFR to address the outstanding issues relating to the EEG scheme and restructuring of same.
“Today’s engagement therefore comes at an important moment. We recognise that there are outstanding liabilities and claims requiring attention, and we also recognise the need to establish a framework that will provide greater clarity, efficiency and confidence for exporters going forward,” she said.
The Executive Director of the NEPC noted that the EEG has served as an important instrument for supporting Nigerian exporters and enhancing the competitiveness of the non- oil exports.
“At a time when the Federal Government is placing renewed emphasis on export growth, diversification of the economy and increased foreign exchange earnings, it is imperative that our export incentive framework remains credible, transparent, sustainable and responsive to the needs of exporters,” she said.
She, however commended Nigerian exporters for their resilience despite EEG-related challenges. Saying that their doggedness has driven unprecedented results.
“Let me use this opportunity to deeply thank and commend our dear exporters for their resilience and for their contribution to non-oil export.
“Through your doggedness and determination and working with all the relevant stakeholders, Nigeria recorded the highest ever in the history of the country in terms of volume and value of non-oil export."She concluded.
Earlier in her remarks, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole said the Federal Government had commenced steps to settle verified and approved claims while restructuring the scheme to make it more sustainable.
She said the Federal Executive Council approved in May 2023 a Promissory Note Programme covering about N269.45 billion in verified EEG claims involving 195 beneficiary companies.
Dr. Oduwole said the additional stepped-down claims of approximately N60.64 billion involving 32 companies for the 2017–2020 period had also been identified, bringing the outstanding claims to about N330.08 billion.
“The Federal Government is committed to progressing the settlement of duly verified, validated and approved claims through the applicable processes,”She said.
The Minister further confirmed that the federal government is working with the NEPC, Federal Ministry of Finance, Debt Management Office, Office of the Accountant-General of the Federation, Central Bank of Nigeria and the National Assembly to reconcile and process the outstanding obligations. Believing that the clearing backlog would help address historical liabilities while also rebuilding exporters’ confidence in government’s incentive system.
“We recognise that delays in settling outstanding claims have had real consequences for exporters, affecting liquidity, investment decisions, business planning and the ability of companies to sustain and expand export operations,” she said.
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