The Federal Government has commenced efforts to clear about N330.08 billion in outstanding Export Expansion Grant, EEG, claims and restructure the scheme to make future export incentives more sustainable, transparent and performance-driven.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this on Thursday at a stakeholder engagement on the EEG Scheme organised by the Nigerian Export Promotion Council, NEPC, in Abuja.
Oduwole said the Federal Executive Council had in May 2023 approved a Promissory Note Programme covering approximately N269.45 billion in verified EEG claims for 195 beneficiary companies, while additional stepped-down claims stood at about N60.64 billion for 32 companies for the 2017–2020 period.
“The Federal Government is committed to progressing the settlement of duly verified, validated and approved claims through the applicable processes,” the minister said.
She said the government was coordinating with NEPC, the 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.
According to her, resolving the backlog was necessary not only to settle historical liabilities but also to restore exporters’ confidence in the government’s incentive framework.
“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.
Oduwole also announced a major change to the funding architecture of the scheme, saying President Bola Tinubu had approved a professionally managed Trade Facilitation Fund, with 40 per cent of monthly Nigerian Export Supervision Scheme, NESS, collections ring-fenced for strategic trade-facilitation and export-incentive interventions.
“This creates a clearer relationship between available resources, verified export performance and Government’s commitments,” she said.
The minister said the restructured EEG would prioritise genuine export performance, domestic value addition and diversification, adding that technology would be deployed to strengthen data, verification and tracking of claims.
She disclosed that an EEG Restructuring Working Group comprising the Federal Ministry of Industry, Trade and Investment, Ministry of Finance, CBN, OAGF, DMO, NEPC, Manufacturers Association of Nigeria Export Group and other stakeholders would submit a proposed structure for the reformed scheme within 60 days.
Oduwole said the ultimate measure of the reformed EEG would be its impact on Nigeria’s economy, stressing: “Every naira committed through the Scheme should have a clear line of sight to measurable economic value.”
Also speaking, the Executive Director of NEPC, Mrs Nonye Ayeni, said the engagement was convened to address outstanding issues and develop practical solutions for restructuring the scheme.
Ayeni said Nigeria had recorded its highest-ever volume and value of non-oil exports, alongside an increase in the number of distinct products exported and expansion into new markets.
“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.
