President Bola Tinubu has unveiled the National Single Window Project, aiming to save Nigeria up to $4 billion annually by streamlining trade processes and eliminating bureaucratic hurdles and corruption.
During the inauguration ceremony held at the Council Chamber of the State House in Abuja, Tinubu emphasized the transformative potential of the initiative, which is expected to revolutionize trade compliance through digitalization.
The Single Window project, a cross-government website, will serve as a unified platform for Nigerian and international trade stakeholders, providing access to a comprehensive range of resources and standardized services from various Nigerian agencies.
Tinubu underscored the economic benefits of the project, estimating an annual savings of $2.7 billion through expedited cargo movement and enhanced inter-African trade facilitated by paperless transactions.
Highlighting the urgency of the initiative, Tinubu directed the Presidential Steering Committee on the National Single Window Project to dismantle obstacles hindering trade efficiency, drawing parallels with countries like Singapore, Korea, Kenya, and Saudi Arabia, which have witnessed significant trade improvements following the implementation of similar systems.
In his address, Tinubu lamented the historical complexities and inefficiencies in Nigeria’s trade processes, expressing determination to usher in a new era of streamlined, decentralized trade.
Describing the National Single Window as a game-changer, Tinubu stressed its potential to unlock economic prosperity and attract investment by creating a transparent, secure, and business-friendly environment.
Acknowledging the challenges ahead, Tinubu assured the committee of his unwavering support, emphasizing the need for dedication, collaboration, and a phased approach to ensure the project’s success.
He urged the committee to overcome obstacles and welcomed innovative ideas to enhance the initiative’s effectiveness.
Tinubu emphasized the project’s regional significance, advocating for collaboration with other African nations to expedite cargo movement and optimize inter-African trade.
Calling for national unity in support of the initiative, Tinubu urged Nigerians to embrace the National Single Window Project as a testament to the country’s commitment to regional integration and leadership in global trade.
Following the ceremony, Bello Koko, Managing Director of the Nigerian Ports Authority, affirmed the project’s potential to streamline import and export transactions, noting that imports would be cleared within 24 hours at all seaports, a significant improvement over neighboring countries’ clearance times of 48 to 72 hours.
The National Single Window initiative is poised to revolutionize Nigeria’s trade landscape, paving the way for enhanced efficiency, transparency, and economic growth.
