By Afolabi Hannah
President Bola Tinubu has announced that Nigeria could save approximately $4 billion each year by reducing bureaucratic hurdles and corruption through the implementation of the National Single Window project. During the inauguration of this digital trade facilitation initiative at the State House in Abuja, Tinubu emphasized the potential economic benefits, including an estimated $2.7 billion in annual savings from paperless trade.
The National Single Window project is designed to streamline trade processes by providing a unified online platform where Nigerian and international traders can access resources and services from various Nigerian agencies. President Tinubu highlighted that this initiative is expected to speed up cargo movement and enhance trade within Africa.
Tinubu pointed out that economies like Singapore, Korea, Kenya, and Saudi Arabia have seen substantial improvements in trade efficiency after adopting similar systems. He expressed his determination to prevent the annual loss of $4 billion due to inefficiencies and to follow in the footsteps of these countries by implementing a more decentralized trade process.
The president described the single window as a transformative tool that will revolutionize trade in Nigeria by simplifying compliance through a digital platform, thus opening doors to economic prosperity. He assured that the initiative would prevent revenue loss and promote effective trade, creating a transparent and secure environment conducive to investment and economic growth.
Acknowledging that the implementation of the National Single Window will be a gradual process requiring commitment and collaboration, Tinubu pledged his full support to the steering committee. He urged the committee to overcome any challenges and expressed his willingness to consider new ideas to ensure the success of the project.
Tinubu, who also chairs the ECOWAS Authority of Heads of State, noted that the project’s benefits extend beyond Nigeria and can enhance cargo movement and trade across Africa. He called on Nigerians to support the initiative wholeheartedly.
Following the inauguration, the Managing Director of the Nigerian Ports Authority, Bello Koko, briefed correspondents, stating that the Single Window initiative aims to clear imports within 24 hours at all seaports, surpassing the 48 to 72 hours taken by neighboring countries. Koko explained that the initiative would reduce paperwork and allow for efficient information sharing among government agencies.
Key shipment details will be standardized for easy access by relevant authorities, and transactions for import and export can be processed online, enhancing efficiency. The project secretariat is headed by Mr. Tola Fakolade and includes representatives from various ministries, agencies, and councils involved in trade and investment.
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