President Bola Tinubu on Tuesday launched the National Single Window initiative, a transformative project that will propel the nation’s economy to new heights.
The initiative is another bold testament to the President’s commitment to breaking long-standing developmental barriers in advancing the progress, prosperity, and well-being of every Nigerian.
Speaking at the launch of the initiative at the State House, President Tinubu said the National Single Window is a game-changer that will revolutionize the way trade is conducted in the country, and with the Office of the President overseeing the steering committee that will drive the reform process forward.
Outlining the benefits of the initiative, the President said by simplifying government trade compliance through a digital platform, Nigeria will unlock the doors to economic prosperity, adding: “This initiative will link our ports, government agencies, and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before.”
The President further explained that paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion, noting that countries like Singapore, South Korea, Kenya, and Saudi Arabia have already seen significant improvements in trade efficiency after implementing Single Window systems.
“It is time for Nigeria to join their ranks and reap the rewards of a streamlined, digitized trade process. As your President, I have always believed in the immense potential of our great nation. We are a people blessed with resilience, creativity, and an unwavering spirit of enterprise. However, for far too long, our economic growth has been hindered by existing complexities and inefficiencies in our trade processes. Today, we say no more!
“Imagine a Nigeria where businesses can save time and resources, where small enterprises can reach global markets, and where the informal eCommerce sector is brought into the fold, increasing our tax revenue base. This is the Nigeria we are building with the National Single Window.
“We cannot afford to lose an estimated $4 billion annually due to red tape, delays, and corruption at our ports. The National Single Window will address these issues head-on, preventing revenue leakage and facilitating effective trade. By doing so, we will create a more transparent, secure, and business-friendly environment that will attract investment and spur economic growth,” the President said.
President Tinubu emphasized that the implementation of the National Single Window would not be an overnight process as it would require dedication, collaboration, and a phased approach in view of continental ramifications that extend far beyond national development imperatives alone
Leave a comment
