The Nigerian Government has begun restructuring the Export Expansion Grant (EEG) Scheme to address verified legacy obligations and create a more sustainable and transparent framework for supporting non-oil exports.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this at a stakeholder engagement on the EEG Scheme organised by the Nigerian Export Promotion Council (NEPC) in Abuja.
Oduwole said the move followed a directive from President Bola Ahmed Tinubu to resolve 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 said the Federal Executive Council approved a Promissory Note Programme in May 2023 covering about ₦269.45 billion in verified EEG claims involving 195 beneficiary companies.
She added that outstanding stepped-down claims amounted to about ₦60.64 billion for 32 companies covering the 2017–2020 EEG period, bringing total outstanding obligations to approximately ₦330.08 billion.
According to Oduwole, 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 claims.
She noted that delays in settling legitimate claims had affected exporters’ liquidity, investment decisions, business planning and capacity to sustain and expand their 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.
Oduwole also announced that President Tinubu had approved the establishment of a professionally managed Trade Facilitation Fund.
She said 40 per cent of monthly Nigerian Export Supervision Scheme collections would be ring-fenced for strategic trade facilitation and export incentive interventions.
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The Executive Director and Chief Executive Officer of the NEPC, Mrs Nonye Ayeni, said Nigeria had recorded its highest-ever volume and value of non-oil exports, alongside a record number of distinct products exported.
Ayeni attributed the growth to the resilience and determination of Nigerian exporters, noting that the country’s export destinations were also expanding and becoming more diversified.
She added that value addition had increased across several sectors, including among small and medium-sized enterprises (SMEs).
“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.
