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Export promotion: Non-oil exporters receive N254bn spur from FG

By on January 2, 2013

Dr. Yerima Lawan Ngama

The Minister of State for Finance, Dr. Yerima Lawan Ngama on Tuesday disclosed that the Federal Government has released N254.09 billion to Manufacturers and producers of export commodities in the country through the Export Expansion Grant (EEG).

Speaking to reporters in Abuja Ngama said since the scheme commenced in 2005, it has contributed to a significant rise in the country’s non-oil export.

He said between 2005 and 2011, Nigeria’s non-oil export has risen from $100 million to $3.2 billion.

speaking in relation to Jonathan’s led administration’s resolve towards enhancing remarkable growth in the sector; the Minister said Export Expansion Grant (EEG) scheme has been a very important inducement needed for the encouragement of export-oriented performances that would lead to momentous expansion of the sector.

He said competence, intelligence, and accountability were the administrative areas, key to the development of the sector, which the federal government intends to lay more emphasis.

Highlighting the effects of the scheme, Ngama said it had assisted manufacturers in no small measure.

His words: “As at December 2005, total export of non-oil products just came to $100 million. Nevertheless, as at the end of 2011, total export was $3.2 billion. Therefore, if you compute, you have over 300 per cent growth in export. So it is evident that the EEG scheme has been successful.”

In a bid to sanitize and develop the sector, the federal government has set in motion two major reviews. One of which would aim at classifying the manufacturers and producers of goods with the intention of taking the irregularities of each sub-sector into appropriate and serious thoughtfulness.

“The proposed review was based on the realization that the scheme has been successful and our manufacturers and producers of export goods have performed so well that even the threshold that we put for them before you become eligible to benefit. They have met all these thresholds and therefore, they want the standards to be enhanced.

“You know when somebody is doing well, you have to lift the standard, and one thing we have agreed here is to actually move this threshold in order to move the minimum acceptable threshold higher and they have assured us that they are going to meet it and even beat it. And I think we have to congratulate them on what they have done and even shifting the goal post because they want to do more,” he said.