199 export firms to get N308.45bn in promissory note from FG

The Nigerian Government has authorized the issuance of N308.4 billion in promissory notes to about 199 exporting companies under the Export Expansion Grant (EEG) Scheme.

The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, disclosed this as he recently issued letters to scheme beneficiaries.

According to him, N193.4 billion was approved for 133 beneficiaries of the scheme regarding the EEG’s outstanding claims from 2017 to 2020. About N108.317 was authorised for 35 beneficiaries regarding the EEG backlogs of claims from 2007 to 2016.

Also, N68.3 billion was authorised for 13 beneficiaries regarding stocks of outstanding Negotiable Duty Credit Certificates.

About N6.617 billion was authorised for 69 beneficiaries regarding the shortfall in the approved claims by the National Assembly.

The exporters still expect the approval and issuance of N60.635 billion claims for 34 beneficiary firms from the National Assembly.

Yakusak applauded the Nigerian Government and the National Assembly for their timely response in authorising the payment o the remaining claims to the beneficiaries.

BusinessDay reports that the scheme is a post-shipment stimulus established by the Export Incentives and Miscellaneous Provisions Act targeted at simulating the increase in the volume of made-in-Nigeria products in the international market.

The scheme also intends to encourage exporting value-added products against materials such as agricultural commodities.

The scheme also intends to encourage exporting value-added products against raw agricultural commodities.