FG Unveils Export Expansion Facility Programme To Drive MSMEs Growth

The Federal Government has inaugurated the Export Expansion Facility Programme Export Development Fund Scheme to enhance the growth of the economy.

The Minister of State, Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum, at the launch on Monday said the EEFP would help in the development of Micro, Small and Medium Enterprises sub sector.

She said the launch is very important in view of the fact that the first component of the Export Expansion Facility that is being implemented, is the Export Development Fund, which focuses on pre-shipment incentives or assistance with the MSMEs as the target group and possible beneficiaries.

She said, “The import of this cannot be overemphasized in view of the significance of MSMEs and the critical role they play in the Nigerian economy.

“To say that MSMEs have been affected by the COVID-19 Pandemic is an understatement. Players in the sector have incurred huge losses in revenue and investments, triggering immense job losses for a substantial number of them.”

According to her, this is the basis for the inclusion of the MSME Survival Fund in the National Economic Sustainability Plan. This has led to massive impact within the MSME sector.

“As we speak, the Survival Fund has impacted close to a million MSME beneficiaries and still counting. Coincidentally the Export Expansion Facility and the MSME Survival Fund both fall under Chapter 16 -Tracks 2 and 3 of the NESP Document and we are confident the Export Expansion track will go on to impact the export-related small businesses even more.
“While the Guiding Principle for the Survival Fund is to save jobs and ensure continued local production, the Guiding Principle for the Export Expansion Facility is to retain and create jobs.

“Either way, we must ensure that small businesses within the export-related sector benefit from the scheme in great numbers as this is the core objective of Mr. President’s approval of the scheme.

She recalled that the EDF Act came into existence in 1986 with the objective of providing financial assistance to exporting and potentially exporting companies to cover part of their initial expenses with respect to export promotion activities.

ENDS