The Federal Government has approved N350billion for the payment of backlogs for Export Expansion Grant(EEG) claims from 2007 to 2016 to verified exporters in Nigeria
Deputy Director Nigeria Export Promotion Council,NEPC, Incentive Division, Lawal Dalhat made this known at a live webinar conference organized by PDF Bridge and Non-Oil Export Nigeria on Tuesday to commission the study on EEG reports.
Dalhat also said N50 billion has been made available for simulation plans to assist exporters, manufacturers and companies in order to overcome some of those problems facing them.
He said the provision about 50billion has been made but not directly in hand of NEPC but through the ministry and some agencies under the federal ministry of industry, trade and investment.
The deputy director went on to say that “Once the implementation commences, exporters will be able to benefit through this fund in order to actually encourage the exporters to be able to export without much hindrances”.
Other issue he said would be tackled soon are the port, infrastructure, forex to ensure exporters gain from investment.
The CBN Deputy Director, Trade and Exchange, Chika Nwagwu in her delivery also stressed that the EEG funds is actually funded through the federal government.
Nwagwu went in to explain that “Unfortunately due to the protocols how it is organized, the people that are doing the budget is federal ministry of industry and trade, meanwhile, the people managing the budget is the Nigerian Export Promotion Council and this has caused alot of problems because there is no synergy between them as what they budget is usually below what the exporters actually needs”.
Ealier, the Programme Manager, PDF Bridge, Titilola Akindehinde-Ojo in her opening remarks said it is imperative for the FGN to urgently settle the outstanding grants still owed to exporters to improve the export supply response capacity of firms and boost exporters interest in export business.