First Thoughts

So, it’s been one serious series of downpours recently. If it rains today, it would make it seven days straight . . . in Lagos, Nigeria that is. I am a little worried because I feel we haven’t even seen anything. It’s not even July yet! I work on the island and so I have a very good idea of how it could get when the rainy season hits its peak. I recall some folks in VGC and Lekki Phase 1

According to the World Bank, Free Trade Zones (FTZs) are duty-free areas, offering warehousing, storage, and distribution facilities for trade, trans-shipment, and re-export operations. FTZs have also been described as as a class of special economic zones, where goods may be landed, stored, handled, manufactured or reconfigured and re-exported under specific customs regulations and generally not subject to customs duty. We are more inclined to the latter definition because it expands the definition of a FTZ. We surmise that a FTZ is an economic model designed to improve the socio-economic development of the FTZ’s host by the FTZ attracting local and foreign investors through vast tax and reduced-regulation incentives.

When BD called me up on June 12, 2014 and told me his company had finally taken off, I was more than impressed. It was a dream he had been nursing for some time and to hear him say it with such joy in his heart was music to my ears.

June 12 would forever be a memorable day in the lives of Nigerians. Although I wasn’t yet born when the late Chief Moshood Kashimawo Olawale Abiola (M.K.O) won the ill-fated June 12, 1993 elections, the stories I have heard would always linger in my mind.

The role of Tax is instrumental to the development of any country.  As most countries, the United States of America is also deeply involved in the taxation system. Taxes paid in America vary depending on the type. Today, we discuss the similarities and disparities between the taxes in Nigeria and United States of America.