President Bola Tinubu announced on Tuesday that Nigeria could gain approximately $2.7 billion annually through the implementation of the Single Window Project, a digital trade compliance initiative aimed at improving trade efficiency and reducing bureaucratic complexities and corruption.
Speaking at the inauguration of the National Single Window project in Abuja, Tinubu emphasized the economic benefits of streamlining trade processes, highlighting that the initiative would save the country an estimated $4 billion annually lost to inefficiencies at ports and in trade processes.
The Single Window project is designed to serve as a unified platform for Nigerian and international trade actors, providing access to standardized services and resources from various government agencies involved in trade.
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Tinubu emphasized that the initiative would expedite cargo movement and optimize inter-African trade, facilitating approximately $2.7 billion worth of annual paperless trade.
He emphasized the success stories of countries like Singapore, Korea, Kenya, and Saudi Arabia that have significantly improved trade efficiency through similar systems.
The President acknowledged Nigeria’s economic potential but lamented that growth has been hindered by complexities and inefficiencies in trade processes.
He described the National Single Window as a game-changer that would revolutionize trade by simplifying government compliance through a digital platform.
Tinubu highlighted that the initiative would prevent revenue leakage, create transparency, and attract investment, ultimately fostering economic growth and prosperity.
He assured the newly inaugurated steering committee of his full support, acknowledging that implementing the National Single Window would require dedication and collaboration but expressing commitment to seeing the project through.
Tinubu charged the committee to overcome obstacles and welcomed new ideas to ensure the success of the initiative.
He emphasized regional integration by linking Nigeria’s system with those of other African nations to optimize inter-African trade.
In conclusion, Tinubu urged all Nigerians to embrace the initiative and collaborate towards making the National Single Window a success, showcasing Nigeria’s readiness to lead in global trade.
