In a decisive move aimed at propelling Nigeria’s economy to record advancements, President Bola Tinubu has inaugurated the National Single Window initiative will accelerate Nigeria’s economic growth.
“National Single Window is a game-changer that will revolutionize the way trade is conducted in the country,” said President Tinubu during the launch event at the State House in Abuja on Tuesday.
However, this initiative signifies a pivotal step in the President’s unwavering commitment to shattering longstanding developmental barriers and fostering the progress, prosperity, and well-being of all Nigerians.
“By simplifying government trade compliance through a digital platform, Nigeria will unlock the doors to economic prosperity,” said Tinubu.
The president added “This initiative will link our ports, government agencies, and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before.”
The President further explained that paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion, noting that countries like Singapore, South Korea, Kenya, and Saudi Arabia have already seen significant improvements in trade efficiency after implementing Single Window systems.
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“It is time for Nigeria to join their ranks and reap the rewards of a streamlined, digitized trade process. As your President, I have always believed in the immense potential of our great nation.
“We are a people blessed with resilience, creativity, and an unwavering spirit of enterprise. However, for far too long, our economic growth has been hindered by existing complexities and inefficiencies in our trade processes. Today, we say no more.” he said.
Articulating the vision of Nigeria, according to the president, “Imagine a Nigeria where businesses can save time and resources, where small enterprises can reach global markets, and where the informal eCommerce sector is brought into the fold, increasing our tax revenue base.
“This is the Nigeria we are building with the National Single Window.”
“We cannot afford to lose an estimated $4 billion annually due to red tape, delays, and corruption at our ports.”
“The National Single Window will address these issues head-on, preventing revenue leakage and facilitating effective trade. By doing so, we will create a more transparent, secure, and business-friendly environment that will attract investment and spur economic growth,” Tinubu said.
Also according to the chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, the implementation of the National Single Window Project is expected to generate an average GDP growth rate of seven per cent annually.
“The National Single Window is a decisive response to the challenges we face in the current international trade environment,” said Adedeji.
“By improving trade facilitation, revenue generation, economic growth, transparency, security, and streamlining processes, we will transform Nigeria into a global trade powerhouse.”
The National Single Window steering committee, which includes representatives from various government agencies and ministries, has set a target of 24-hour port clearance, significantly faster than the 72-to-48-hour range in neighbouring countries.
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“Our aim is to streamline this process so that minimal information is entered, benefiting all government agencies involved in import and export procedures,” said the Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko.
Members of the National Single Window steering committee are Representatives of the Ministries of Finance, Marine and Blue Economy, Transportation, Industry, Trade and Investment, Federal Inland Revenue Service, Nigerian Customs Service, Nigeria sovereign Investment Authority (NSIA).
Others are “Central Bank of Nigeria (CBN), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organization of Nigeria (SON), Nigerian Maritime Administration on Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and Presidential Enabling Business Environment Council (PEBEC).
