Finance, DMO approve N195bn to exporters for EEG settlement

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Finance, DMO approve N195bn to exporters for EEG settlement

The Nigerian Export Promotion Council (NEPC) disclosed at the weekend that the Export Expansion Grant (EEG) is being resuscitated as the minister of Finance has directed the Debt Management Office for settlement of the EEG debts.

The debt is covering claims back log of 10 years from 2007 to 20016 for 270 companies with the total value of one hundred and ninety five billion, eighty nine million, two hundred and thirty four thousand, eight hundred and eighty naira, and sixty four kobo (N195,080,234,808.64).

The Executive Director, CEO, Nigeria Export Promotion Council NEPC, Olusegun Awolowo, disclosed these at the stakeholders forum on the framework for the issuance of Promissory Notes for the settlement of outstanding Export Expansion Grant claims 2007-2019, stating that this will bring succor to the export succor in particular and the economy in general.

 He added that there is also positive signal from the National Assembly as it will soon pass the second batch of approval for the remaining 39 companies with a total N124bn.

According to him, the settlement of this inherited debt by the government will pave way for the revival of the non-oil export sector of the economy.

It will in no small measure enable financial institutions inject funds for further export activities, generate more foreign exchange as well as employment for the teeming youths of the country.

“Statistics from the pre-shipment inspection agents and the National Bureau of Statistics analyzed by the council showed that, the country’s export earnings for 2017 and 2018 experienced an upward trend.

“There was a growth of 48.43% from $1.204 billion in 2016 to $1.787 billion in 2017, it further went up by 27.22% equivalent to $2.274 billion in 2018.

“It is our sincere believe that exports for 2019 will grow by about 40 percent in view of the settlement of the exporter’s debt through the promissory note programme.”

Awolowo said in line with government policy on the Ease of Doing Business and to compliment these efforts, the council has developed an online, real time portal for the processing and management of the EEG claims. The online platform will provide opportunity for all stakeholders, processing government agencies, auditors of the scheme, exporters and other relevant stakeholders to submit, review and access information regarding the processing of claims.

source:https://samueljackson12.blogspot.com/2019/04/finance-dmo-approve-n195bn-to-exporters.html

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