Nigeria’s Tinubu Targets $2.7 Billion Annual Revenue from National Single Window Project

Date:

  • FIRS Chairman Anticipates 7% GDP Growth With Implementation of National Single Window
  • Nigeria Targets 24-Hour Port Clearance Through Paperless Trade Initiative
  • Nigeria’s National Single Window Project Set to Save $4 Billion Annually, Says President Tinubu

President Bola Tinubu has projected significant economic benefits from Nigeria’s National Single Window Project, estimating an annual revenue boost of around $2.7 billion USD from paperless trade alone. The president made this announcement on Tuesday, April 16, during the launch of the project at the State House in Abuja, emphasizing its potential to save approximately $4 billion annually for Nigeria.

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The National Single Window Project is a comprehensive cross-government platform aimed at facilitating trade by providing a unified portal for trade actors, both domestic and international, to access standardized services and resources from various Nigerian agencies.

President Tinubu hailed this initiative as transformative, highlighting its objectives to streamline trade processes, unlock economic potential, and position Nigeria as a global leader in trade efficiency.

Speaking at the launch event, President Tinubu stressed that the National Single Window represents more than just a policy but a commitment to progress and prosperity for all Nigerians. He emphasized that this project would simplify government trade compliance through digital platforms, integrating ports, government agencies, and stakeholders to create a seamless and efficient trade ecosystem.

The president outlined the expected benefits of the National Single Window, including reduced time and cost of doing business, increased attractiveness to foreign investors, enhanced transparency, and improved revenue collection for the government.

President Tinubu highlighted the economic gains witnessed by other countries like Singapore, South Korea, Kenya, and Saudi Arabia after implementing similar Single Window Systems, expressing Nigeria’s readiness to join the ranks of these nations and reap the rewards of digitalized trade processes.

He reiterated the urgency to address inefficiencies, red tape, and corruption at Nigerian ports, which cost the country an estimated $4 billion annually. The National Single Window aims to tackle these challenges head-on, preventing revenue leakage, enhancing trade facilitation, and fostering a transparent and business-friendly environment.

Furthermore, Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and co-chairman of the project, emphasized that the implementation of the National Single Window Project is expected to generate an average GDP growth rate of 7% annually, reflecting its transformative impact on the Nigerian economy.

The initiative, beyond its technological advancements, is seen as a gateway to a more connected, efficient, and transparent trade system that integrates ports, government agencies, and stakeholders seamlessly.

By reducing paperwork, transitioning to digital submissions, and streamlining import-export procedures, the National Single Window aims to optimize efficiency and enhance economic metrics across various sectors.

The project involves collaboration from key government agencies and stakeholders, including the Ministries of Finance, Transportation, Industry, Trade and Investment, FIRS, Nigerian Customs Service, and others, underscoring a concerted effort to drive economic growth and trade facilitation in Nigeria.


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Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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