The Federal Government of Nigeria (FGN), vide the Nigerian Export Promotion Council (NEPC), recently issued the revised guidelines for operation of the Export Expansion Grant scheme (hereinafter referred to as “EEG” or “the Scheme”). This move follows the decision of the FGN to reintroduce the Scheme, which had been suspended since 2013.
The EEG was originally introduced by the FGN in 1999 pursuant to the Export (Incentives and Miscellaneous Provisions) Act of 1992.
The FGN’s objective for introducing the EEG was to stimulate export-oriented activities in the non-oil sector and curtail a growing gravitation towards a mono economy.
Fast forward to 2017, FGN is of the view that the objectives of the EEG are still relevant, more so at a time when diversification is touted as the only way to build a sustainable economy. The effective date of the revised guidelines is 1 January 2017, albeit, exports made between the time the scheme was suspended and its reintroduction are
covered under the new guidelines.
Explore the full details of the article HERE .