By Newsshelve Correspondent.
Nigeria is poised to revolutionize its trade facilitation processes with the National Single Window initiative, launched by President Bola Tinubu in April 2024.
The project aims to eliminate bureaucratic delays in export and import processes, enhancing trade efficiency and economic growth.
At a three-day workshop on the initiative, stakeholders and industry experts expressed optimism about the project’s potential to fast-track the realization of a $1 trillion economy by 2031.
Minister of Marine and Blue Economy, Gboyega Oyetola, noted that the initiative would significantly reduce the cost of doing business in the country and eliminate sharp practices in trade processes.
According to Oyetola, the cost of doing business at Nigerian ports can be up to 40% higher than in other West African countries due to delays and administrative bottlenecks.
However, the implementation of the Single Window System can enhance efficiency, potentially reducing these costs by at least 25%.
The Minister also highlighted the importance of multimodal connectivity, citing improvements in road, rail, and inland waterway links to and from the ports. These improvements aim to reduce transportation costs, enhance logistics, and boost trade.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the establishment of a National Single Window system as “a transformative reform that will fundamentally redefine the way trade is conducted across our borders.”
The system will provide a centralized digital platform for traders to submit, process, and access trade-related documentation, eliminating corruption through improved transparency and reducing administrative burdens.
Minister of State for Finance, Dr. Doris Uzoka-Anite, emphasized that the initiative would not only enhance the ease of doing business in the country but also attract foreign direct investment.
She cited examples of successful National Single Window implementations in Indonesia, Vietnam, and Rwanda, which have led to significant reductions in clearance times and increased trade efficiency.
According to FIRS Chairman, Zacch Adedeji, the National Single Window project represents a pivotal stride in Nigeria’s journey towards economic transformation.
The project is expected to contribute hugely to the realization of a $1 trillion economy by 2031, as envisioned by President Tinubu.
Comptroller General of the Nigeria Custom Service, Bashir Adeniyi, noted that similar efforts have been made in the past, but were fraught with challenges.
He emphasized the need for a singular purpose backed by unwavering governmental resolve, ensuring that the Single Window is not perceived as the sole mandate but as a national strategy supported by all stakeholders.
Managing Director of NPA, Dr. Abubakar Dantsoho, emphasized the need for all stakeholders to work in unity to achieve the goal of the project.
He referenced the one-stop shop initiative as demonstrating the possibility for government agencies to collaborate and work in harmony.
The Head of NSW Secretariat, Tola Fakolade, noted that the project will simplify the ways things are being done, citing successful implementations in Singapore, Djibouti, Kenya, and others. The first phase of the project is expected to start this year with training and testing.
With the National Single Window initiative, Nigeria is poised to take a significant leap towards economic transformation, enhancing trade efficiency, and attracting foreign direct investment.
As stakeholders work together to achieve the goal of the project, Nigeria’s economy is expected to reap significant benefits, contributing to the realization of a $1 trillion economy by 2031.
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