FG to settle N300 billion export claims next year

Segun Awolowo Executive Director and Chief Executive Officer of Nigerian Export Promotion Council.

The Federal Government stated that it would resume the implementation of the Export Expansion Grant next year with the settlement of outstanding claims to exporters.

The outstanding EEG claims, according to figures obtained from the Nigerian Export Promotion Council, are worth over N300 billion. The EEG is an initiative of the Federal Government meant to encourage exporters of non-oil products, including agro-commodities in order to cushion the effects of infrastructural deficiencies and reduce the overall unit cost of production.

It is also meant to increase the competitiveness of Nigerian products in the international market place and it ranges from 10 per cent to 30 per cent of the Freight On Board value of the products being exported.

The scheme was suspended in 2014 following allegations of widespread abuse and the accumulation of significant liability on the Negotiable Duty Credit Certificate.

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