President Bola Tinubu unveiled the National Single Window initiative on Tuesday, heralding a transformative project poised to elevate Nigeria’s economy to unprecedented heights.
The National Single Window streamlines government trade compliance through a digital platform, simplifying trade processes and modernizing trade conduct in the country.
A statement from the presidency revealed that the initiative, overseen by a steering committee under the presidency, will link ports, government agencies, and stakeholders, creating a seamless and efficient trade system.
President Tinubu emphasized the initiative’s potential to unlock between $2.7 and $4 billion in economic benefits through paperless trade, aligning Nigeria with countries like Singapore, South Korea, Kenya, and Saudi Arabia that have seen significant trade efficiency improvements after implementing similar systems.
“We cannot afford to lose an estimated $4 billion annually due to red tape, delays, and corruption at our ports”, President Tinubu said.
“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”
Acknowledging the initiative’s continental ramifications, President Tinubu affirmed Nigeria’s commitment to regional integration and collaboration, envisaging enhanced cargo movement and optimized intra-Africa trade.
“I assure you, my fellow Nigerians, that we are fully committed to seeing this project through. We will work tirelessly to ensure its success, engaging with all partner agencies and stakeholders to create a system that works for everyone.
“Moreover, the National Single Window is not just about Nigeria. By linking our system with those of other African nations, we will expedite cargo movement and optimize intra-Africa trade. This initiative is a testament to our commitment to regional integration and our belief in the power of collaboration.”
Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), outlined the initiative’s data harmonization aspect, emphasizing its role in enabling efficient capture, analysis, and reconciliation of regulatory trade documents within a unified technological framework.
“We will reduce barriers to efficient timing, improve economic metrics, increase transparency, reduce trade costs, and boost revenue. The implementation plan will be carefully crafted with short-term, medium-term, and long-term phases to ensure a smooth and effective rollout.
“We are ushering in a new wave of economic prosperity, efficiency, and boundless opportunities. The National Single Window is not just a project. It is a symbol of our collective aspiration and our determination to build a better Nigeria for all of our people,” the FIRS Chairman said.
President Tinubu and FIRS Chairman Adedeji expressed optimism about the National Single Window’s potential to revolutionize Nigeria’s trade landscape, ushering in an era of prosperity, efficiency, and boundless opportunities for all Nigerians.
