Export expansion facility to execute 16 programmes under five workstreams ― Awolowo
The Secretary of the just inaugurated Steering Committee on the implementation of the N50 billion Export Expansion Facility Programmes (EEFP), Mr. Segun Awolowo has disclosed that the EEFP is to execute 16 programmes under it’s workstreams.
Awolowo who commended the Federal Government’s effort in ensuring economic recovery and sustainability observed that the devastating effects of the COVID-19 pandemic on exporting businesses might be further exacerbated with the official takeoff of the African Continental Free Trade Area (AfCFTA).
Speaking at the weekend in Abuja, Executive Director of Nigerian Export Promotion Council (NEPC) explained that the “EEFP will execute 16 programmes as approved in the implementation work plan under five workstreams namely – capacity building, financing, market development, infrastructure and institutional strengthening.”
Awolowo further explained that the application of the “EEF funds fall within the context of the Export Incentives and Miscellaneous provisions Act CAP E19 Laws of the Federation, 2004.”
According to a statement made available to newsmen by Joe Itah, the ED said “the Act stipulates that the funds especially (Export Development Fund and Export Adjustment Scheme Fund), shall be used to provide financial assistance to exporting companies to cover their expenses in respect of export promotion activities. The Export Expansion Facility program is tagged #pandemic2prosperity.”
It will be recalled that few days ago, the Federal Government had inaugurated a Steering Committee to implement its N50 billion Export Expansion Facility Under the FGN N2.3 Trillion Economic Sustainability Plan.
The 11-Man Steering Committee for the implementation of the Export Expansion Facility Programme (EEFP) under the National Economic Sustainability Plan aims to protect export businesses from the effects of the COVID-19 pandemic, safeguard jobs and de-risk the economy from shocks like COVID.
Its primary goal is to increase Nigeria’s export capacity in the near term and its export volumes in the medium term.
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