Explanation

(a) DEFINITION OF WNA RE HOUSE: Warehouse is a storage facility where goods are store or kept for safe custody and protection from damage of warehouse or a warehouse is a commercial building for a storage of goods.

(b) TYPES OF WAREHOUSE;

(i) Bonded warehouse- This is a warehouse used for keeping dutiable goods until duties on them are paid,

(ii) Public warehouse-This is a warehouse owned and control by an independent business firm for the general use of all business people.

(iii) Private warehouse - This is a large storage facility owned and operated by a company for its own use,

(iv) Cooperative warehouse organized and run on joint efforts of the people for mostly agricultural products. This is a warehouse

(c) FUNCTIONS OF A WAREHOUSE:

(i) Provision of security for goods stored in them.
(ii) Stabilization of prices of goods.
(iii) Provision of storage for goods until they are needed.
(iv) Warehouse makes it possible for manufacturers to Continue to produce goods ahead of demand.
(v) Warehouse is used to keep contraband goods away from the public,
(vi) Dutiable goods can be kept in a warehouse until duties are paid.
(vii) Warehouse can be provided for rental purposes to generate income.
(viii) Blending, packaging and branding can be done in the warehouse.

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