FG Moves to Clear N330bn Export Grant Backlog, Overhaul EEG Scheme
The Federal Government has begun moves to clear about N330.08 billion in outstanding Export Expansion Grant (EEG) obligations as it moves to overhaul the scheme and make export incentives more predictable, transparent and financially sustainable.
Minister of Industry, Trade and Investment, Jumoke Oduwole, said the backlog comprises N269.45 billion in verified claims involving 195 companies and N60.64 billion in stepped-down claims involving 32 companies for the 2017–2020 period.
Oduwole said government agencies, including the Ministry of Finance, Debt Management Office, Office of the Accountant-General of the Federation, Central Bank of Nigeria and Nigerian Export Promotion Council, are working to reconcile and process eligible claims.
According to the minister, prolonged delays in settling the claims have affected exporters’ liquidity, investment decisions and expansion plans. Under a new funding architecture approved by President Bola Tinubu, 40 per cent of monthly Nigerian Export Supervision Scheme collections will be ring-fenced for trade facilitation and export incentives through a professionally managed Trade Facilitation Fund. A restructuring working group has also been given 60 days to develop a new framework for the scheme, while technology will be deployed to strengthen verification, improve transparency and enable better tracking of claims.
The government says the broader objective is to build a more reliable export support system that can drive value addition, create jobs and increase Nigeria’s foreign-exchange earnings. The key question now is whether the revamped EEG can move beyond clearing old obligations to creating a more predictable incentive system capable of accelerating Nigeria’s non-oil export growth.
Blessing Anolaba
Editorial & Creative Correspondent
A storyteller and journalist passionate about telling stories for policy change and impact.
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