The Federal Government of Nigeria has initiated new measures to address a N330 billion backlog of outstanding claims under the Export Expansion Grant (EEG) scheme. The move aims to resolve long-standing delays in disbursing funds to eligible exporters who have yet to receive their approved grants.
According to reports from Punch Nigeria, the government is simultaneously working to restructure the EEG scheme itself. This dual approach seeks to both clear the existing debt owed to participants and reform the operational framework of the program to prevent similar bottlenecks in the future.
The Export Expansion Grant is a key policy instrument designed to support non-oil exports by providing financial incentives to Nigerian businesses. By clearing the N330 billion backlog, the administration hopes to restore confidence among exporters and encourage broader participation in the non-oil sector.
Restructuring the scheme is expected to streamline the application and verification processes, ensuring that future grants are processed more efficiently. The specific details of the proposed structural changes were not detailed in the initial announcement, but the focus remains on improving the scheme's overall effectiveness.
This development underscores the government's ongoing commitment to diversifying the Nigerian economy and reducing reliance on oil revenues. Clearing the backlog is a critical step in demonstrating tangible support for the non-oil export industry.
<small>Source: Punch Nigeria — read the original story there.</small>