President Bola Tinubu has inaugurated the national single window project to boost trade in Nigeria.
Speaking during the inauguration of the project and the steering committee members on Tuesday in Abuja, Tinubu spoke about the importance of collaboration to ensure the success of the initiative.
According to the president, the project is estimated to yield $2.7 billion per year for the country.
Tinubu said it is time for Nigeria to join countries such as Singapore, Korea, Kenya and Saudi Arabia, which have experienced significant improvements in trade efficiency upon adopting single window systems.
“It is time for Nigeria to join their ranks and reap the rewards 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).
