• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, September 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

OPEXA wants NASS to expedite ratification of N375bn export grant

Export

The Matters Press by The Matters Press
June 26, 2022
Reading Time: 2 mins read
0
Nigeria targets $1.2bn export capacity for every state

The Organised Private Sector Exporters Association (OPEXA) has appealed to the National Assembly (NASS) to urgently ratify the approval of the N375 billion Export Expansion Grants (EEG) for exporters.

RELATED POSTS

‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF

‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

The N375 billion represents the backlog of the EEG from 2017 to 2020, whose payment was delayed due to budgetary constraints.

The Federal Executive Council (FEC) recently approved the disbursement in form of Promissory Notes, which will become effective after the ratification by NASS.

Mr Jaiyeola Olanrewaju, the Executive Secretary of OPEXA in a statement on Saturday urged the lawmakers to expedite action on the ratification process to boost the country’s export sector.

“We sincerely appreciate the gesture shown by Mr President and the Vice President to support the non-oil export sector.

“We also commend the intervention of both the Ministers of Finance and Industry, Trade and Investment, who tabled the issue of the EEG backlog at the cabinet.

“We now appeal to both the houses of the NASS to expedite the ratification of the approval given by the FEC to provide relief to the exporters who have been starved of liquidity.

“This appeal becomes more urgent in view of the fact that the ratification will be the beginning of another long process,” he said.

He said after the ratification, imput of other relevant stakeholders like the Debt Management Office, International Auditors (Peat Marwick) and the Nigeria Export Promotion Council would be required.

“No doubt, this process takes a while,” he said.

According to Olanrewaju, it will be pertinent to note that the Presidential Committee on Continuous Audit (PICA) had earlier carried out a validation exercise on the claims.

He said that the exercise included physical inspection of the facilities of beneficiary companies.

He commended effort by the government to reform the EEG policy, adding that actual implementation of the policy was most desirable.

“It was the report by PICA that the Ministry of Finance presented via a memo to the FEC for approval.

“It is the same report that is now before the National Assembly for ratification.

“A timely disbursement will help millions of Nigerian farmers who rely on the export sector for funds through the planting and harvest season for 2022.

“OPEXA notes that reform of the EEG policy is commendable, however, what is needed now is its actual implementation.

“The government needs to show sincerity and commitment to generate confidence in its policies,” he said.

The executive secretary said the exporters embraced the new policy in good faith by investing in export processing factories and made commitments to foreign buyers.

He said that the non-oil export sector had agro-allied linkages and supports the livelihood of over 11 million Nigerians directly and indirectly.

“It is vital for diversification of Nigerian economy and revenue base,” he said.

Tags: ExportGrant
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria targets $1.2bn export capacity for every state
Economy/Technology

‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF

September 2, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
Economy/Technology

‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF

September 2, 2025
Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Next Post
Africa-Europe Alliance presents progress report

How Africa will overtake America

2022 NECO’s SSCE starts Monday as scheduled

2022 NECO's SSCE starts Monday as scheduled

Recommended Stories

SON sure to certify 75% products in Enugu, Ebonyi states by 2023

SON inaugurates laboratory to check substandard electrical equipment

February 23, 2024
Customs generates N493.75bn in TinCan Island

Customs does not determine exchange rate

September 14, 2022
N125bn MSMEs intervention: IT critical to ensuring transparency – ITSSP

Asia Development Bank calls for prioritising MSME development to sustain growth

October 25, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Tinubu’s export ban on raw shea nuts will position Nigeria for $3bn annual revenue-TSF
  • ‎IMF, IFC commendation for Nigeria’s economic recovery, evidence of success of Tinubu’s economic reforms – TDF
  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us