29.1 C
Monday, May 20, 2024

Tinubu unveils $2.7bn annual trade boost with single window project

President Launches Digital Trade Compliance Initiative to Slash Bureaucracy and Corruption

Must read

President Bola Tinubu has unveiled a transformative initiative, the National Single Window project, aimed at bolstering Nigeria’s trade efficiency and potential annual earnings by $2.7 billion. Inaugurating the project at the Council Chamber of the State House in Abuja, Tinubu emphasized its potential to counteract the $4 billion lost yearly to bureaucratic bottlenecks and corruption plaguing Nigerian trade.

The Single Window project, a cross-government digital platform, is set to revolutionize trade by providing a unified portal for Nigerian and international trade actors to access standardized services from various Nigerian agencies. Tinubu highlighted its capacity to expedite cargo movement and optimize intra-African trade, projecting an annual paperless trade value of $2.7 billion.

Drawing parallels with successful implementations in countries like Singapore, Korea, and Kenya, Tinubu emphasized Nigeria’s urgent need to streamline its trade processes to unlock economic prosperity. He asserted, “We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays, and corruption at our ports.”

Acknowledging Nigeria’s vast potential, Tinubu declared an end to the hindrances posed by complex trade processes, affirming, “Today, we say that there should be no more.” He hailed the National Single Window as a game-changer set to catalyze economic growth by simplifying government trade compliance and fostering a transparent, business-friendly environment.

Moreover, Tinubu underscored the initiative’s role in preventing revenue leakage and enhancing trade effectiveness, promising a transparent, secure, and investment-friendly ecosystem. He assured unwavering support for the newly inaugurated steering committee tasked with implementing the Single Window project, recognizing its necessity for the nation’s economic advancement.

Addressing potential challenges, Tinubu urged the committee to dismantle obstacles hindering trade efficiency, inviting innovative solutions for a successful rollout. Emphasizing regional integration, he advocated for collaboration across African nations to optimize inter-Africa trade.

Following the inauguration, Managing Director of the Nigerian Ports Authority, Bello Koko, affirmed that the Single Window project aims to clear imports within 24 hours, compared to 48 to 72 hours in neighboring countries. Koko stressed that the initiative would streamline paperwork and facilitate seamless transactions through a unified platform.

Tinubu’s unveiling of the National Single Window project signals a significant stride towards enhancing Nigeria’s trade landscape and positioning the nation as a leader in global trade.

More articles


Please enter your comment!
Please enter your name here

Latest article