President Bola Tinubu launched the National Single Window initiative on Tuesday, a project aimed at boosting the country's economy. The initiative demonstrates the President's commitment to breaking barriers and advancing the progress and well-being of Nigerians. During the launch, President Tinubu emphasized that the National Single Window would revolutionize trade processes in the country. By simplifying government trade compliance through a digital platform, Nigeria will unlock economic prosperity. The President stated that the initiative will create a seamless and efficient system that links ports, government agencies, and stakeholders, facilitating trade.
Implementing a paperless trade system is estimated to bring an annual economic benefit of approximately $2.7 billion. Many countries, including Singapore, South Korea, Kenya, and Saudi Arabia, have already experienced significant improvements in trade efficiency after implementing Single Window systems. President Tinubu stressed the importance of Nigeria joining these ranks and reaping the rewards of a streamlined, digitized trade process. He highlighted the potential benefits, such as saving time and resources for businesses, assisting small enterprises in reaching global markets, and increasing tax revenue through the integration of the informal eCommerce sector.
President Tinubu also emphasized the financial losses Nigeria incurs due to red tape, delays, and corruption at ports, amounting to an estimated $4 billion annually. The National Single Window initiative aims to address these issues, prevent revenue leakage, and facilitate effective trade. The President believes this will create a transparent, secure, and business-friendly environment that attracts investment and spurs economic growth.
The implementation of the National Single Window will require dedication, collaboration, and a phased approach due to its continental ramifications. President Tinubu assured Nigerians of their commitment to seeing the project through, engaging with partner agencies and stakeholders to create a system that benefits everyone. He also emphasized the initiative's potential for regional integration and the power of collaboration.
Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), explained that data harmonization is a crucial component of the initiative. It involves capturing, defining, analyzing, and reconciling regulatory trade documents within a unified technological mechanism. The implementation plan will be carefully crafted with short-term, medium-term, and long-term phases to ensure a smooth rollout. Adedeji emphasized the importance of strong government participation and engagement from all partner agencies for the project's success.
The National Single Window initiative signifies Nigeria's aspiration for economic prosperity, efficiency, and opportunities. Chief Ajuri Ngelale, Special Adviser to the President, expects the project to build a better Nigeria for all its people.