Employment regeneration continues to be a hope as domestic manufacturing output dwindles to minimal levels. Domestic demand has fallen and factories continue to operate below their full capacity. On the international scene, adverse and recurrent imbalances continued to untidy the Balance of Payment Accounts throughout this period. In the foreign exchange market a liberalised regime continued to cause price instability in the domestic market in the face of little or no exports. These, among others, have dented the economy with adverse consequences.
Taxation continues to account for a large percentage of total revenue.
To optimally operationalize this source of revenue and given the present circumstances, close and sympathetic attention should be given to it. To facilitate the implementation of the above, a review of the practice of renting out stores on lease to single importers has been made. This has been replaced by hiring out spaces in stores through multiple and single occupancy as and when required by importers. The rates are based on open market value, floor space and distance. Any business person who has goods on the high seas or at the dock can apply for bonded warehouse facility.