FG Gives Exporters N308.45bn Grant

The federal government has approved the disbursement of promissory notes valued at N308.45 billion to 199 exporting companies under the Export Expansion Grant (EEG) Scheme.

Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak had disclosed this in an address when he issued letters to some beneficiaries of the scheme.

The EEG is a post-shipment incentive scheme that was established by virtue of the Export (Incentives & Miscellaneous Provisions) Act, Cap E19, laws of the Federation of Nigeria.

According to Yakusak, the sum of N193.45 billion was approved for 133 beneficiaries of the scheme between 2017 and 2020 while N108.31 billion was approved for 35 beneficiaries between 2007 and 2016 respectively.

He further stated that N68.38 million was approved for 13 beneficiaries in respect of stocks of outstanding Negotiable Duty Credit Certificates (NDCC) and that N6.61 billion was approved for 69 beneficiaries by the 8th National Assembly.

Yakusak said the council was still awaiting the National Assembly approval and release of N60.63 billion for 34 beneficiary companies.

He commended the federal government and the National Assembly for prompt response in approving the payment of the outstanding claims.

According to a statement by the Head, Corporate Communications NEPC, Ndubueze Okeke, the scheme is targeted at stimulating the increase in the volume and value of Made-in-Nigeria products in the international market.

The scheme is also intended to encourage the export of value-added products as against raw agricultural commodities.