President Bola Tinubu yesterday inaugurated the steering committee for the Single Window Project, saying the initiative is expected to yield an annual economic benefit of around $2.7 billion.
The initiative is also expected to offer a single portal for trade actors in the country and internationally, to access a full range of resources and standardised services from different agencies in Nigeria.
Speaking while inaugurating the committee at the Presidential Villa, Tinubu said "the transformative project" will propel the nation's economy to new heights as it is not just a policy but a bold step in his administration' commitment to progress, prosperity, and the well-being of Nigerians.
"This initiative will link our ports, government agencies and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before.
"Imagine a Nigeria where business can save time and resources, where small enterprises can reach global markets and where the informal e-commerce sector is brought into the fold increasing our tax base. This is the Nigeria we are building with the National Single Window.
"Paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion dollars."
The president said countries like Singapore, Korea, Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing Single Window Systems.
"It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralised trade process. We cannot afford to lose an estimated 4 billion in US dollars annually to red tape, bureaucracy, delays and corruption at our ports," he said.
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The Managing Director of the Nigerian Ports Authority (NPA), Bello Koko, who explained some of the benefits, said with the implementation of the initiative, the target is that imports will be cleared at the ports within 24 hours even though it takes 72 hours in neighbouring countries.
Members of the implementation committee include representatives of the Federal Ministries of Finance, Marine and Blue Economy, Transportation, Trade and Investment, Federal Inland Revenue Service, the Nigerian Customs Service, and the Nigeria Sovereign Investment Authority (NSIA).
Others are representative of the Central Bank of Nigeria, the National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria, Nigerian Maritime Administration on Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA).
