Home Business N1trn EEG Payment: Nigerian Exporters’ Hopes Hang in the Balance

N1trn EEG Payment: Nigerian Exporters’ Hopes Hang in the Balance

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For how long would Nigerian exporters owed several millions of naira under the Export Expansion Grant (EEG) scheme wait before they are eventually paid an accumulated debt of about N1trn?

This is the question on the lips of many of them, who are now finding it difficult to meet contractual obligations with suppliers and workers, having expended so much money participating in the scheme.

Executive Director and Chief Executive Officer, Nigerian Export Promotion Council, Mr Segun Awolowo had raised the hopes of the exporters at a recent forum in Lagos, by saying that payment is expected to commence as soon as the National Assembly reconvened and gave its approval.

 “The government has done all that is necessary for the take-off of this programme. Right now, we are waiting for the National Assembly to reconvene and then they will grant approval for that promissory note programme”, and the exporters are now wondering how much longer they should wait.

For once, industry stakeholders were agreed that the Executive deserved a pat on the back, not only for bringing back the EEG, but also for expanding the use of the Export Credit Certificate ( ECC).

Chairman of the Export Group of the Manufacturers Association of Nigeria (MAN) Chief Ede Dafinone, had said:  “As a result of this expansion, our members will be able to transfer the ECC to a third party and use it to settle all Federal Government  taxes as well as purchase of government bonds and settlement of credit facilities by development banks and liabilities of the Asset Management Company of Nigeria.”

 Dafinone admitted that 2017 was tough for members of the group due to shortage of foreign exchange, high cost of energy and funds, multiple levies and taxes, smuggling that unleashed untold constraints on  manufacturing operations.

“As a result of this expansion, our members will be able to transfer the ECC to a third party and use it to settle all Federal Government  taxes as well as purchase of government bonds and settlement of credit facilities by development banks and liabilities of the Asset Management Company of Nigeria.”

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