The Federal Government of Nigeria is owing exporters N124 billion as outstanding payments of Export Expansion Grants, it has been revealed.
The Director General, Nigeria Export Promotion Council (NEPC), Olusegun Awolowo, disclosed this when he appeared before the House of Representatives” Committee on Commerce for 2021 budget defence of the agency on Friday.
He said that out of N350 Export Expansion Grant owed exporters, over N124 was still outstanding.
Awolowo said the Export Expansion Grant, which is the only incentive to exporters from the council, will be further reviewed downward from 10% to 5% due to the economic downturn aggravated by various factors.
Speaking, Chairman of the committee, James Fakeye (APC,Osun) said, Nigeria could not succeed until it is turned into an export-led economy.
He lamented the rate at which companies were moving out of Nigeria to neighbouring countries.
The committee, therefore, charged NEPC to come up with ideas, adding that the House would lend its support for companies to return, thrive and drive export of commodities and finished products out of the country.
While noting that Nigeria is rich in resources that could make export her main stay of economy, the committee charged NEPC to be proactive for things to turn around for Nigeria.