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Export Expansion Grant (EEG) Programme Expends N257 billion Over Seven Years

By on December 21, 2012

Minister of State for Finance, Dr Yerima Ngama yesterday said the Federal Government has spent N257.09 billion under its Export Expansion Grant (EEG) programme in the preceding seven years.

The Minister made this declaration when he addressed reporters after a meeting with producers and manufacturers.

He said the scheme has helped boost exports, brought in competition in the sector, as well as promoted non- oil exports, adding Ngama said the scheme has been a huge success story.

He further said if the Federal Executive Council (FEC) issues an approval, they would make bigger the scope of the program in partnership with the exporters.

Ngama said the government was determined to diversify the economy, in his words, “There is no way we can diversify our economy if we don’t encourage non-oil exports and we have been encouraging our manufacturers with the EEG scheme.”

That the government’s tenacity to strengthen EEG to make it more effective and rewarding to exporters and the government will become evident soon.

He said by the end of 2011 the country’s total non-oil export was $3.2billion but just six years ago, when they started it was just $1million.

Earlier Dr Ngama gave a breakdown of the disbursement of the export grant since 2005, he said, in 2005 N21.92billion was disbursed, N24.35billion in 2006, N11.03billion in 2007 and N29.47billion in 2008.

In 2009 N41.18billion was paid, N27.96billion in 2010, N67.39bilion in 2011, and N30.75bilion in 2012.