President Bola Tinubu has inaugurated the National Single Window initiative, marking a significant step towards enhancing revenue generation and streamlining the import/export trade process for ease of doing business.
This transformative project reflects the President’s dedication to overcoming longstanding developmental barriers and fostering progress, prosperity, and well-being for all Nigerians.
At the launch event held at the State House on Tuesday, President Tinubu emphasized that the National Single Window is poised to revolutionize trade in Nigeria.
With the Office of the President overseeing the steering committee driving the reform process, the initiative aims to simplify government trade compliance through a digital platform, paving the way for economic prosperity.
According to President Tinubu, the initiative stands as “a bold testament to breaking long-standing developmental barriers in advancing the progress, prosperity, and well-being of every Nigerian.”
At the heart of the National Single Window lies a transformative vision to streamline trade operations across Nigeria. President Tinubu emphasizes its potential to “revolutionize the way trade is conducted in the country,” with the Office of the President overseeing the steering committee to drive the reform process forward.
President Tinubu during the launch underscores the estimated annual economic benefit of $2.7 billion through paperless trade, stating that the initiative will “link our ports, government agencies, and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before.”
President Tinubu confronts the challenges of red tape, delays, and corruption head-on, acknowledging the staggering annual loss of $4 billion due to these inefficiencies at Nigerian ports.
He asserts, “The National Single Window will address these issues head-on, preventing revenue leakage and facilitating effective trade.”
He assures Nigerians that “the implementation of the National Single Window would not be an overnight process,” highlighting the importance of dedication and collaboration.
President Tinubu believes that “by linking our system with those of other African nations, we will expedite cargo movement and optimize intra-Africa trade.”
Explainer
It is a single portal (website) for trade-related services which streamlines processes and reduces bureaucratic hurdles, saving time and resources for businesses.
It enables accessibility to resources and services for Nigerian and international trade actors from different Nigerian agencies in one place.
It aims to propel the nation’s economy to new heights by facilitating trade and creating a more transparent, secure, and business-friendly environment.
Revenue leakage will be prevented and by bringing the informal e-commerce sector into the fold, the project will increase the tax base, contributing to government revenue.
An ambitious $2.7bn is expected annually as economic benefits from the implementation of the project
Small enterprises have the chance to expand their opportunities and can potentially reach global markets more easily while contributing to economic development.
The National Single Window promises to create a more transparent and secure trade environment, which could enhance trust and confidence among trade actors and investors.
