Export expansion grant policy coming back next year—Minister
The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah has given an indication that the federal government is set to reintroduce suspended Export Expansion Grant policy early next year.
According to him, the grant would be reviewed to encourage local production as well as small and medium scale enterprises.
Stressing that the country is seriously in need of investment drive, he disclosed that efforts are in place to create an investment-friendly environment for potential investors.
Enelamah also noted that he’s working with the Ministry of Power to boost power generation for industrialization to thrive.
“The EGG program was stopped by the previous government because of abuses and non-sustainability. They did not stop it but put a hold on it in order to understand the causes of these abuses.
“The good news is that we met with exporters two weeks ago and we told them that we will restart the program with adjustments and improvements to make sure it is more sustainable and I believe that it will come back in full stream in 2017, we also said that the amounts that were being owed will be paid but under a program that is linked to tax credit and other benefits which is what it was before.
“It was a benefit in kind linked to import but since we want to discourage import and encourage more local production and economy, we decided it is better to use tax credits rather than import credits.
“What we should be doing is to make sure we create the right environment to attract investments steadily, year in year out and through economic cycles.