According to the 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
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