The Nigerian government has initiated moves to resolve about ₦330.08 billion in outstanding Export Expansion Grant (EEG) obligations. The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this at a stakeholder engagement on the EEG scheme in Abuja. She stated that the ministry had been directed to address verified legacy claims and restructure the scheme around a sustainable funding framework.
The outstanding obligations comprise about ₦269.45 billion in verified claims involving 195 beneficiary companies, previously approved under a Promissory Note Programme by the Federal Executive Council in May 2023. Additionally, approximately ₦60.64 billion in stepped-down claims involves 32 companies for the 2017–2020 period. The government is working with various agencies, including the Federal Ministry of Finance and the Central Bank of Nigeria, to reconcile and process the obligations.
Settling the backlog is critical, as delays have affected exporters' liquidity, investment decisions, business planning, and ability to expand operations. Dr. Oduwole emphasized that the government's objective is to restore confidence in the export incentive system while ensuring that only claims that have passed the required verification, validation, and approval processes are settled.
President Bola Tinubu has approved a new funding architecture under which 40 per cent of monthly Nigerian Export Supervision Scheme collections will be ring-fenced for strategic trade-facilitation and export-incentive interventions. This will be managed through a professionally managed Trade Facilitation Fund. The restructured EEG will reward genuine export performance, encourage domestic value addition, and diversify Nigeria's non-oil export base.
An EEG Restructuring Working Group, comprising various stakeholders, including the Manufacturers Association of Nigeria Export Group (MANEG), will produce a proposed structure for the reformed scheme within 60 days. The minister disclosed that technology will form part of the reform, particularly in strengthening data management, claims verification, and transparency.
The Nigerian Export Promotion Council (NEPC) Executive Director/Chief Executive, Mrs. Nonye Ayeni, noted that the restructuring came at a critical point in the country's export drive. She mentioned that Nigeria had recorded its highest-ever volume and value of non-oil exports, alongside an increase in export earnings.
The ultimate test of the scheme will not be the amount of claims paid but whether public expenditure translates into stronger exporters, increased value addition, jobs, and higher foreign-exchange earnings. The government's efforts aim to create a more predictable, transparent, and financially sustainable export incentive system.
Key points
- The Nigerian government aims to resolve ₦330.08 billion in outstanding Export Expansion Grant obligations.
- A new funding architecture has been approved, under which 40% of monthly Nigerian Export Supervision Scheme collections will be ring-fenced for trade facilitation.
- The restructured EEG scheme will prioritize genuine export performance, domestic value addition, and diversification of Nigeria's non-oil export base.
