The implementation of the Single Window Project could potentially lead to Nigeria benefiting around $2.7 billion annually, stated President Bola Tinubu on Tuesday.
During the inauguration of the National Single Window project in the Council Chamber of the State House, Abuja, Tinubu highlighted the potential savings of at least $4 billion annually due to complex bureaucratic processes and corruption hindering trade efficiency in the country.
The Single Window project, a cross-government website, aims to streamline trade processes by providing a unified portal for both Nigerian and international trade participants to access various resources and standardized services from different Nigerian agencies.
Through this initiative, Tinubu emphasized that there could be expedited cargo movement and improved inter-African trade, facilitating an estimated $2.7 billion worth of annual paperless trade.
In his address, Tinubu urged the Presidential Steering Committee on the National Single Window Project to eliminate barriers hindering trade efficiency, pointing out that countries like Singapore, Korea, Kenya, and Saudi Arabia have witnessed enhanced trade efficiency following the implementation of a single window system.
Expressing concern over the annual losses of $4 billion to red tape, bureaucracy, delays, and corruption at Nigerian ports, Tinubu stressed the importance of embracing the Single Window initiative for economic benefits.
Describing the National Single Window as a transformative tool for trade operations in Nigeria, Tinubu highlighted the potential for creating a transparent, secure, and business-friendly environment that attracts investment and drives economic growth.
While acknowledging that the project’s success will require dedication and collaboration over time, Tinubu assured full support for its implementation and urged the steering committee to overcome obstacles for the project’s success.
In his role as the Chairperson of the ECOWAS Authority of Heads of State, Tinubu emphasized the regional significance of the Single Window Project and encouraged unity among Nigerians to make it successful.
Managing Director of the Nigerian Ports Authority, Bello Koko, mentioned that the Single Window initiative aims to reduce paperwork and expedite import clearance processes, targeting a 24-hour clearance duration at all seaports, unlike neighboring countries where it may take 72 hours.
Key shipment details will be consolidated for seamless sharing across government agencies, enhancing efficiency and enabling online processing by relevant stakeholders such as shipping lines, freight forwarders, customs, and port authorities.
The project secretariat, led by Mr. Tola Fakolade, comprises representatives from various government agencies involved in import and export processes, emphasizing collaboration and a streamlined approach towards achieving trade efficiency.