President Bola Tinubu on Tuesday said Nigeria stands to benefit about $2.7bn annually by implementing the Single Window Project.
He also noted that the project will save the country at least $4bn lost annually to complex bureaucracies and corruption hindering its trade efficiency.
Tinubu revealed this when he inaugurated a new digital trade compliance initiative, code-named the National Single Window project at the Council Chamber of the State House, Abuja.
The Single Window project is a cross-government website which will facilitate trade by offering a single portal for Nigerian and international trade actors to access a full range of resources and standardised services from different Nigerian agencies.
The initiative, Tinubu said, would expedite cargo movement and optimise inter-African trade, thereby facilitating $2.7bn worth of annual paperless trade.
While noting that the economy can no longer stomach $4bn annual losses, the Nigerian leader directed the Presidential Steering Committee on the National Single Window Project to “Dismantle all block webs” in the way of trade efficiency.
This way, Nigeria would join the ranks of Singapore, Korea, Kenya and Saudi Arabia which have experienced significant improvement in trade efficiency after implementing a single window system, the president argued.
He affirmed, “We cannot afford to lose an estimated $4bn annually to red tape, bureaucracy, delays and corruption at our ports.
“The benefits of this initiative are immense. The paperless trade alone is estimated to bring an annual economic benefit of around $2.7bn 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, decentralised trade process.”
Tinubu lamented that although Nigeria has immense potential – having been blessed with people of resilience, creativity, and unwavering spirit of enterprise – “for far too long, our economic growth has been hindered by the complexities and inefficiencies in our trade processes.”
“Today, we say that there should be no more,” he assured.
He described the national single window as a game changer that will revolutionise the conduct of trade in the country, “by simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.”
The President also noted that the National Single Window will prevent revenue leakage and facilitate effective trade
“We will work tirelessly to ensure its success by engaging all partner agencies and stakeholders to create a system that works for every one of us,” Tinubu stated.
The President charged the committee to get rid of any obstacles in their way, expressing his readiness to listen to new ideas to make the initiative succeed.
“Dismantle all block webs along your way. I will be ready to listen to conversations, your discoveries, to any problem-solving areas that will make the Single Window a big success,” he remarked.
Tinubu who serves as the Chairperson of the ECOWAS Authority of Heads of State argued that the Single Window Project transcends Nigeria.
