Home Breaking News Trade efficiency: Tinubu launches National Single Window Project

Trade efficiency: Tinubu launches National Single Window Project

by Our Reporter
0 comment
Tinubu

…says project to generate $2.7b annual revenue for Nigeria

President Bola Tinubu has projected an annual economic benefit of approximately $2.7 billion US dollars from paperless trade alone, with the take-off of the National Single Window Project.

President Tinubu, who disclosed this on Tuesday, April 16, at the launch of the National Single Window Project at the State House, Abuja, said the project will also be saving an estimated at $4 billion annually for Nigeria.

The project is a cross-government website to facilitate trade by offering a single portal for trade actors, both Nigerian and international, to access a full range of resources and standardized services from different Nigerian agencies.

The project, hailed as a transformative initiative, aims to streamline trade processes, unlock economic potential, and position Nigeria as a global trade leader.

President Tinubu emphasized the significance of the National Single Window as more than just a policy but as a testament to Nigeria’s commitment to progress and prosperity for all its citizens.

He articulated that the initiative would simplify government trade compliance through a digital platform, linking ports, government agencies, and stakeholders to create a seamless and efficient trade ecosystem.

He said the project is expected to reduce the time and cost of doing business in Nigeria, making it more attractive to foreign investors.

Additionally, the platform will enhance transparency and efficiency in the trade sector, which will help to reduce corruption and improve revenue collection for the government.

“The National Single Window is a game changer that will revolutionize the way we conduct trade. By simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.

“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.

“The benefits of this initiative are immense. The paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion US dollars. 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, digitalized trade process. We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays and corruption at our ports.

“The National Single Window will address these issues headlong, 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.

“The implementation of National Single Window will not be an overnight process, I know. It require dedication, collaboration and a phased approach. But I assure you my fellow brothers and sisters, that we are fully committed to seeing this project through. 

“We work tirelessly to ensure its success by engaging all partner agencies and stakeholders to create a system that works for every one of usus”, he said.

Also speaking at the inauguration ceremony, Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, said implementation of the National Single Window Project is expected to generate an average GDP growth rate of 7% annually.

Adedeji, who is also a co-chairman of the project, described it as more than just a technological advancement, said it is a gateway to a more connected, efficient, and transparent system that links our ports, government agencies, and key stakeholders.

According to him, “the current international trade environment is complex involving disparate system and requiring an average of 40 documents per transaction. Nigeria’s lack of a comprehensive trade facilitation system has led to bottlenecks, corruption, poor delay, decreased revenue and negative business environment.

“The National Single Window is a decisive response to these challenges. By improving trade facilitation, revenue generation economic growth, transparency, security and streamline process, we will transform Nigeria into a global trade powerhouse.

“Data harmonization is crucial component of this initiative, enabling us to capture, define, analyze, and reconcile regulatory trade document efficiently. Through the National Single Window, we will reduce clearance, times improve economic metrics, increase transparency, reduce trade costs and boost revenue.

“We will create a seamless ecosystem that will facilitate, saves time for business and open up a world of opportunity from providing access to education and healthcare, to enabling small business, to reach global market, digital connectivity is the key to unlocking Nigeria’s true potential”, he said.

Read Also: Tinubu declares April 7 National Police Day

Adedeji also pointed that the high cost, delay, and inefficiency at Nigeria’s ports have been a constant burden.

“It is estimated that we lose a staggering $4 billion annually due to this inefficiency. By addressing revenue leakage prevention and facilitating effective trade, we will reclaim these lost resources and channel them towards the betterment of our society”, he added.

Providing a background to how the project will work especially with regards to port clearance as well as reduction of paper documentation, the Managing Director of Nigeria Ports Authority, Mohammed Bello-Koko, who spoke during a press briefing after the inauguration, said the target processing time is 24 hours.

He noted that while neighbouring countries may have a range of 72 to 48 hours, Nigeria’s specific goal is 24 hours. He added that when it comes to the number of forms, transitioning from filling out 20, 30, or 40 printed forms to digitally completing forms with 2, 3, or 4 pages shows the direction the government is heading.

“For instance, consider a form requiring details about a product such as type, year of manufacture, and additional specifics like the MF number and form M number that Customs and the Nigerian Ports Authority require.

“Currently, multiple forms are being filled out, duplicating information needed by both parties. Our aim is to streamline this process so that minimal information is entered, benefiting all government agencies involved in import and export procedures”, he said.

Koko-Bello said this initiative aims to reduce paperwork and shift towards digital submissions. He added that the efficiency gained will be noticeable across various sectors like shipping lines, freight forwarders, Nigerian Customs, and the NPA.

This streamlined approach, he said will enable smoother processing of import and export requests, enhancing efficiency for all stakeholders involved.

Members of the National Single Window steering committee are: Representatives of the Ministries of Finance, Marine and Blue Economy, Transportation, Industry, Trade and Investment, Federal Inland Revenue Service, Nigerian Customs Service, Nigeria sovereign Investment Authority (NSIA), Central Bank of Nigeria (CBN), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organization of Nigeria (SON), Nigerian Maritime Administration on Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and Presidential Enabling Business Environment Council (PEBEC).

You may also like

Leave a Comment

Our Company

SportsDay Newspaper is Nigeria’s most improved and fastest growing sports newspaper

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Laest News

@2024 – All Right Reserved. Designed and Developed by CoronaTech24.com

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00