Beneficiaries laud Fed Govt On Export Development Fund Impact
The N50 billion Export Expansion Facility Programme (EEFP), implemented by the Nigerian Export Promotion Council (NEPC) has impacted positively on businesses and the economy.
The NESP was designed to protect export businesses from the effect of the COVID-19 pandemic, safeguard jobs and de-risk the economy from future shocks by focusing on driving economic growth through exports.
The EEFP activated the Export Development Fund a pre-shipment incentive stipulated in the NEPC Act, through an innovative Grant Management Portal, disbursing about N6 billion to 1,100 businesses and N23 billion in direct Covid Relief grants to qualified beneficiaries – medium to large enterprises and Women owned businesses.
To gauge the impact the fund has had on SME businesses, StateCraft Inc. engaged with some beneficiaries including Ebunoluwa Feludu of Jam-the-coconut food, Deborah Apochi of Shield of Women both food processing companies.
According to the EEFP Programme Coordinator, Maureen Ideozu: It is heartening to note that beneficiaries who prior to receiving the grants were facing difficulties due to the effects of COVID 19 are now more stable and productive, having utilized the funds to expand and diversify their businesses thereby saving and creating jobs and at the same time being more competitive in the global export market. The guiding blueprint of the EEFP has been the Zero Oil Plan of the NEPC and the ability to touch the entire non-oil eco-system has been very rewarding”.