Section 4: Establishment, etc., of Export Development Fund

(1) There is hereby established a fund to be known as the Export Development Fund (in this Act referred to as "the Development Fund").
(2) The Development Fund shall consist of such money as the Federal Government may, from time to time, pay into the Development Fund and contributions made to the Development Fund by private sector exporters.
(3) The Development Fund shall be used to provide financial assistance to private sector exporting companies to cover part of their initial expenses in respect of export promotion activities, that is-
(a) participation in training courses, symposia, seminars and workshops in all aspects of export promotion;
(b) advertising and publicity campaigns in foreign markets;
(c) export market research and studies;
(d) product design and consultancy;
(e) participation in trade missions, buyer-oriented activities, overseas trade fairs, exhibitions and stores promotion;
(f) cost of collecting trade information;
(g) organisation of joint export groups and mutual export guarantee associations;
(h) backing up the development of export oriented industries.
(4) The Trustees of the Development Fund shall consist of -
(a) a representative of the Nigerian Export Promotion Council as chairman;
(b) a representative of the Federal Ministry of Finance;
(c) a representative of the Federal Ministry of Commerce;
(d) a representative of the Federal Ministry of Industry;
(e) a representative of the National Planning Commission;
(f) a representative of the Manufacturers Association of Nigeria;
(g) a representative of the Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture.
(5) It shall be the duty of the Trustees of the Development Fund to-
(a) oversee the Development Fund by approving the annual budget, including proposals for investments;
(b) determine the use of incomes and profits accruing from investments; and
(c) cover the cost of official involvement of the Nigerian Export Promotion CounciI in the activities of the Development Fund.
(6) It shall be the duty of the Nigerian Export Promotion Council to-
(a) recommend applications for financial assistance for the approval of the Exchange Control Department of the Central Bank of Nigeria;
(b) disburse the sum approved by the Central Bank of Nigeria;
(c) be responsible for the day-to-day running of the Development Fund through a special unit maintained by the Development Fund; and
(d) issue guidelines for the operation of the Development Fund.