199 Export Firms to Get N308.45 Billion in Promissory Note From FG

199 Export Firms to Get N308.45 Billion in Promissory Note From FG

  • The Federal Government has approved the disbursement of over N300 billion in promissory notes to exporters
  • The Director-General/CEO of Nigeria Export Promotion Council, Ezra Yukasak, disclosed the disbursement
  • He said about 199 exporting companies would benefit from the authorized notes

The Nigerian Government has authorized the issuance of N308.4 billion in promissory notes to about 199 exporting companies under the Export Expansion Grant (EEG) Scheme.

The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, disclosed this as he recently issued letters to scheme beneficiaries.

Exporters, Buhari
President Muhammadu Buhari Credit: Wirestock
Source: Getty Images

Beneficiary exporters get outstanding approval

According to him, N193.4 billion was approved for 133 beneficiaries of the scheme regarding the EEG’s outstanding claims from 2017 to 2020. About N108.317 was authorised for 35 beneficiaries regarding the EEG backlogs of claims from 2007 to 2016.

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Also, N68.3 billion was authorised for 13 beneficiaries regarding stocks of outstanding Negotiable Duty Credit Certificates.

About N6.617 billion was authorised for 69 beneficiaries regarding the shortfall in the approved claims by the National Assembly.

The exporters still expect the approval and issuance of N60.635 billion claims for 34 beneficiary firms from the National Assembly.

Yakusak applauded the Nigerian Government and the National Assembly for their timely response in authorising the payment o the remaining claims to the beneficiaries.

BusinessDay reports that the scheme is a post-shipment stimulus established by the Export Incentives and Miscellaneous Provisions Act targeted at simulating the increase in the volume of made-in-Nigeria products in the international market.

The scheme also intends to encourage exporting value-added products against materials such as agricultural commodities.

The scheme also intends to encourage exporting value-added products against raw agricultural commodities.

100 For 100 Policy: CBN Gives N68 Billion to Entrepreneurs

Legit.ng reported the Central Bank of Nigeria (CBN) said it had disbursed over N68 billion to beneficiaries under its 100 for 100 Policy on Production and Productivity since the scheme began.

The CBN governor, Godwin Emefiele said this during the bank’s Monetary Policy Meeting (MPC) in Lagos.

According to Emefiele, under the policy, the bank has released N9.98 billion for five projects, bringing the cumulative disbursements under the scheme to N68.13 billion for 48 projects, comprising 26 manufacturing, 17 in Agriculture, three in healthcare, and two in the service industry.

Source: Legit.ng

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