President Bola Tinubu has said that Nigeria would gain around $2.7bn yearly from the Single Window Project and will save the country at least $4 billion annually lost due to complex bureaucracies and corruption affecting its trade efficiency.
Tinubu shared this during the inauguration of a new digital trade compliance initiative named the National Single Window project in Abuja.
The Single Window project is a website involving multiple government departments. It aims to streamline trade by providing a single portal for Nigerian and international trade actors to access resources and services from various Nigerian agencies. Tinubu mentioned that this initiative would speed up cargo movement and enhance inter-African trade, leading to about $2.7bn in annual paperless trade.
The Nigerian leader directed the Presidential Steering Committee on the National Single Window Project to remove obstacles hindering trade efficiency. He highlighted that countries like Singapore, Korea, Kenya, and Saudi Arabia saw significant improvements in trade efficiency after implementing similar systems.
Tinubu emphasized the necessity of reducing annual losses due to bureaucracy and corruption at ports and stressed the benefits of paperless trade and urged Nigeria to adopt a streamlined trade process similar to other successful countries.
Tinubu expressed optimism about the National Single Window revolutionizing trade in Nigeria and highlighted its potential to prevent revenue leakage, create transparency, and attract investment for economic growth.
Tinubu assured full support for the newly inaugurated steering committee and acknowledged that implementing the project would require dedication and collaboration. He encouraged the committee to overcome obstacles and promised to listen to new ideas for success.
Managing Director of the Nigerian Ports Authority, Bello Koko, affirmed that imports would be cleared within 24 hours at all seaports, unlike neighboring countries where it takes 48 to 72 hours.
He explained that the initiative would reduce paperwork and enhance efficiency by allowing unified information sharing among government agencies.
