The Nigerian Government has commenced moves to restructure Nigeria’s Export Expansion Grant (EEG), Scheme to resolve verified legacy obligations and establish a more sustainable and transparent framework for supporting non-oil exports.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, stated this at a stakeholder engagement on the EEG Scheme organised by the Nigerian Export Promotion Council, NEPC, in Abuja.
Oduwole said the restructuring followed a directive by President Bola Ahmed Tinubu to address outstanding issues surrounding the scheme and make it more effective, predictable and performance-driven.
“Mr President’s direction is clear: resolve verified legacy obligations, establish a sustainable funding architecture and build a more transparent, predictable and performance-driven scheme.” She said.
The minister disclosed that the Federal Executive Council approved a Promissory Note Programme in May 2023 covering about ₦269.45 billion in verified EEG claims for 195 beneficiary companies.
She added that previously outstanding stepped-down claims amounted to approximately ₦60.64 billion for 32 companies covering the 2017–2020 EEG period, bringing the total outstanding obligations to about ₦330.08 billion.
According to her, 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 National Assembly to reconcile and process the outstanding obligations.
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Oduwole noted that delays in settling legitimate claims had affected exporters’ liquidity, investment decisions, business planning and ability to sustain and expand export operations.
“Addressing these obligations is therefore about more than settling historical claims; it is about restoring confidence in Nigeria’s export incentive framework,” she said.
She also announced that the President had approved the establishment of a professionally managed Trade Facilitation Fund, with 40 per cent of monthly Nigerian Export Supervision Scheme collections ring-fenced for strategic trade facilitation and export incentive interventions.
The Executive Director and Chief Executive Officer of the NEPC, Mrs. Nonye Ayeni said Nigeria has recorded its highest-ever volume and value of non-oil exports, alongside a record number of distinct products exported from the country.
Ayeni attributed the development to the resilience and determination of Nigerian exporters, noting that export destinations were also increasing and deepening.
She added that the country also recorded the highest number of distinct products exported, while value addition had increased across several sectors, including among Small and Medium Enterprises.
“There has been an increase in value addition across many sectors, even among the SMEs. This is a positive development, and I want to encourage us to keep pushing in that direction.” Ayeni added.
