In a bid to stimulate export-oriented businesses, the Federal Government has announced plans to address a significant backlog of over ₦330 billion in outstanding Export Expansion Grants. According to Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, this move is part of an effort to restructure the expansion scheme.
The backlog, which amounts to approximately ₦330.08 billion, has been a thorn in the side of several export-oriented businesses. The minister’s announcement has been met with relief by many in the business community, who have long advocated for the resolution of this issue.
Dr. Oduwole did not provide details on when the backlog is expected to be cleared or how the expansion scheme will be restructured. However, she stated that the federal government is committed to working with affected businesses and relevant stakeholders to find a lasting solution.
The news has been welcomed by industry watchers, who believe that addressing this backlog will help boost the nation’s export sector and create more jobs. The Minister’s announcement also comes amidst ongoing efforts by the federal government to improve the business environment and attract foreign investment.
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