Import ban to boost trade with ECOWAS, says minister
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Mar 11, 2004, 13:20

Government said on 10 March that its recent ban on some category of imports is to encourage indigenous industries to “explore the benefits of ECOWAS markets, create jobs and add value to local products”.

Foreign Affairs minister, Ambassador Olufemi Olujimi made the clarification when he received Egyptian ambassador to Nigeria, Mr Moneim Talaat in his office in Abuja.

He said that the policy would further “create consistency and complement the framework for the nation’s trade with other ECOWAS trading partners”.

The minister assured that the measure was not aimed at punishing importers or consumers of the affected products.
Ambassador Adeniji lauded the excellent relationship between Nigeria and Egypt and called for the revival of the Nigeria-Egypt joint commission.

Meanwhile Nigeria and Denmark have reached an agreement not to impose double taxation on citizens and corporations that set up shop in each other’s country.

the basic thing is that if you pay tax in Nigeria, even if you are a Danish citizen, you would not go back and pay tax after you have repatriated your money and if you pay tax in Denmark being a Nigerian citizen, but works there, whatever you bring in here, shall not be taxed,” Minister of state for Finance, Mrs Nena Usman explained.

She said on 10 March that the agreement would facilitate inter-state trade, as well as economic and business activities through the avoidance of double taxation.

Items covered under the agreement are Personal Income Tax (PIT), the Company Income Tax (CIT), the Capital Gains Tax and the Education Tax.

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