According to Nigeria’s Minister of Finance, Kemi Adeosun, the federal government Export Grant was greatly abused in the past to the extent that some people got export grants for exporting stones which they described as high valued goods. Adeosun said this at the Nigeria Economic Summit Group (NESG) in Abuja yesterday August 18th.
“On paper, why will you cancel Export Grant? The EG is set up to encourage export business. However, in a situation, where we do not have control, we open up doors for the kind of abuse, which are only imaginable. We have people exporting stones, describing them as high valued goods, collecting an import credit and using that to import fish. We do need to look for how to support export, but we have to be very realistic in the recommendations we are coming up with”she said