The program aims to promote exports of value-added goods rather than unprocessed agricultural products.
Under the Export Expansion Grant (EEG) Scheme, the Federal Government has authorized the distribution of Promissory Notes totaling 308 billion naira to 199 exporting businesses.
The Federal government and the National Assembly were praised for their rapid response in sanctioning the payment of the outstanding claims to the beneficiaries while the executive director of the Nigeria export promotion council, Dr. Yakusak, was writing letters to select scheme beneficiaries.
According to a press release from the NEPC's head of corporate commissions, Ndubueze Okeke, 133 beneficiaries of the scheme had the sum of N193, 456, 239, 386.40 approved for EEG outstanding claims for the period of 2017 to 2020, and 35 beneficiaries had the sum of N108, 317, 269, 008.76 approved for EEG backlogs of claims for the period of 2007 to 2016.
Similar to that, 13 recipients only received the sum of N68, 389, 000.00 in approval for stocks of outstanding Negotiable Duty Credit Certificates (NDCC).
In addition, the 8th National Assembly granted N6, 617, 781, 151.25 for 69 recipients to cover the shortfall in accepted claims.
The Council is still awaiting the NASS's clearance and release of N60,635,088,940.63, which represents the EEG claims for 34 beneficiary enterprises.
The Export (Incentives & Miscellaneous Provisions) Act, Cap. E19, laws of the Federation of Nigeria, introduced the EEG, a post-shipment incentive program.
The grant for export expansion is intended to improve the quantity and price of Made in Nigerian goods on the global market.
The program aims to promote the export of value-added goods as opposed to unprocessed agricultural products.