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Bullion

Keywords

Commodity boards, Commodity marketing, Sale/purchase tax, Taxation

Abstract

The Commodity Boards were noted for paying farmers prices that were lower than the world prices and sometimes even lower than their production costs. This difference represented implicit taxation of farm incomes and served as a dis-incentive to domestic production. This paper examines the administration of commodity taxes/levies and their effect on commodity trading in Nigeria as well as assessing the various systems of commodity marketing in Nigeria. The paper concludes that Commodity trade, in Nigeria began with the British companies exporting raw materials to their industries abroad. His was followed by the Commodity/Marketing Board era and finally trade liberation. Commodity Taxes/ Levies started during the days of the Commodity/Marketing Board.

Author Bio

The authors were staff of Central Bank of Nigeria.

Publication Title

CBN Bullion

Issue

3

Volume

24

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