Revenue Generation Optimisation: President Tinubu Launches National Single Window Committee

Revenue optimization and ease of doing business were at the forefront as President Bola Tinubu inaugurated a steering committee for the National Single Window Project (NSWP) on Tuesday.

The initiative aims to eliminate trade impediments and improve Nigeria’s ranking in the World Bank’s Ease of Doing Business Index.

President Tinubu highlighted the importance of the project in attracting foreign direct investments by streamlining import and export processes.

The National Single Window is an electronic portal that integrates all agencies and stakeholders involved in import and export activities.

The committee, comprised of key government agencies and private sector players, will oversee the project’s implementation.

President Tinubu emphasized the need to simplify clearance processes, reduce costs, and attract more investments through the NSWP.

Chairman of FIRS, Zacch Adedeji, expressed gratitude for the project, noting its potential to stimulate economic growth and enhance trade facilitation.

He highlighted the estimated $4 billion lost annually due to inefficiencies in import and export processes, emphasizing the transformative impact of the National Single Window.

Adedeji outlined the economic benefits of the project, including projected annual gains from paperless trade and increased tax revenue.

He emphasized the need for collaboration among stakeholders to ensure the successful implementation of the NSWP.

The National Single Window is seen as a strategic initiative to boost Nigeria’s trade efficiency, revenue generation, and economic growth.

By embracing digital connectivity and streamlining processes, the project aims to position Nigeria as a global trade powerhouse and foster regional economic ties.

In conclusion, Adedeji stressed the importance of data harmonization, stakeholder engagement, and government support in realizing the full potential of the National Single Window.

The project symbolizes Nigeria’s commitment to building a more efficient and prosperous economy.

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