President Bola Tinubu has inaugurated the national single window project, a new initiative aimed at enhancing trade efficiency in Nigeria.
During the inauguration event and the presentation of the steering committee members on Tuesday in Abuja, President Tinubu emphasized the critical role of collaboration in ensuring the project’s success.
The president highlighted that the project is projected to generate $2.7 billion annually for the country. He remarked that it is time for Nigeria to align with nations like Singapore, Korea, Kenya, and Saudi Arabia, which have seen substantial improvements in trade efficiency through the adoption of single window systems.
“It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralised trade process,” Tinubu said.
“We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays and corruption at our ports.”
Tinubu highlighted the project’s potential to improve regional integration and trade efficiency, making it a crucial step towards Nigeria’s economic advancement.
Members of the national single window steering committee include representatives of the ministries of finance, marine and blue economy, transportation, industry, trade and investment, Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigeria Sovereign Investment Authority (NSIA).
Others are the Central Bank of Nigeria (CBN), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Nigerian Maritime Administration on Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and Presidential Enabling Business Environment Council (PEBEC).