Minister of State for Finance, Dr. Yerima Ngama
Minister of State for Finance, Dr. Yerima Ngama, said the Federal Government has spent N257.09 billion under its Export Expansion Grant (EEG) programme in the last seven years.
According to the minister, the scheme helped to boost exports, increased competition in the sector, and promoted non- oil exports.
He further said if the Federal Executive Council (FEC) issued an approval, they would make bigger the scope of the programme in partnership with the exporters.
Ngama said government was determined to diversify the economy through the programme.
According to him, “There is no way we can diversify our economy if we do not encourage non-oil exports and we have been encouraging our manufacturers with the EEG scheme.”
He said by the end of 2011 the country’s total non-oil export was $3.2billion but that six years ago, when they started it was $1million.
Giving a breakdown of the disbursement of the export grant since 2005, he said, in 2005 N21.92billion was disbursed, N24.35 billion in 2006, N11.03 billion 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.