On the 28th of June, 2019, news broke out that the Desmond Guobadia-led panel set up by the Federal Government to review the African Continental Free Trade Agreement (AfCTA) had amongst other things, put forward a recommendation that President Buhari should go ahead with signing the free trade agreement which would give Nigerian businesses unfettered access to the over $2.5 trillion dollar African market, and also give other African businesses access to Nigeria’s 200-million population strong market.
Read MoreThe Ports in Nigeria play a crucial role in socio-economic development by being the cheapest mode of transferring cargoes for importation and exportation. The average number of vessels that enter the Nigerian ports yearly is about 4,876.
The major Nigerian imports include industrial supplies, capital goods, fuel and lubricants, vehicles, transport equipment and consumer goods. Most of the imports come in from Europe, Asia, Africa and America.
By a judgement dated Thursday, November 29, 2018, the Federal High Court (FHC) ruled against Federal Inland Revenue Services (FIRS) from assessing a company to income tax based on deemed turnover using