Section 5: Establishment, etc., of Export Expansion Grant Fund

(1) There is hereby established a fund to be known as the Export Expansion Grant Fund (in this Act referred to as "the Expansion Fund").
(2) The Expansion Fund shall be used to provide cash inducement for exporters who qualify to benefit from the Expansion Fund based on the value of their semi-manufactured or manufactured products as prescribed by order, from time to time, made by the Nigerian Export Promotion Council to enable the exporters to-
(a) increase their volume and value of exports; and
(b) diversify export products and coverage.
[!992 No. 65.]
(3) The Expansion Fund shall be made available only to exporters who produce evidence of exporting with the proceeds paid into the foreign account of the Central Bank of Nigeria:
Provided that if there are divergences between the contents of the documents on the exports in the exporter's bank as against those of the Centra! Bank of Nigeria, the Nigerian Export Promotion Council shall rely on figures in the documents of the Central Bank of Nigeria.
(4) The Nigerian Export Promotion Council shall be responsible for the day-to-day administration of the Expansion Fund established pursuant to subsection (1) of this section.
(5) The Nigerian Export Promotion Council shall issue, from time to time, guidelines for the effective administration of the Expansion Fund.
(6) The Minister charged with responsibility for commerce may make rules or regulations for the effective administration of the Expansion Fund established pursuant to subsection (1) of this section.