FG deploys single window system to recover $3b, meet $1tr target — News — The Guardian Nigeria News – Nigeria and World News

Ministers, others optimistic 24-hr port operation will fast-track $1tr economy

The Federal Government has unveiled President Bola Tinubu’s plans for the implementation of the National Single Window (NSW) system to streamline trade processes, curb corruption and recover the over $3 billion yearly revenue leakages.

It said the initiative aligned with the President’s Renewed Hope Agenda to boost the economy and position the country as a competitive trade hub in Africa to realise the $1 trillion economy by 2031.

Similarly, the Minister of State for Finance, Dr Doris Uzoka-Anite; Minister of Marine and Blue Economy, Gboyega Oyetola; Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Chairman, Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji; Managing Director, Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho and others are optimistic about the potentiality of the project fast-tracking the realisation of the $1 trillion economy.

Speaking yesterday at the three-day National Single Window Establishment Stakeholders Forum in Lagos, Oduwole emphasised the urgency of implementing the NSW system to achieve the President’s economic vision.

She highlighted that the platform would enable Nigerian businesses to compete effectively in global markets, create jobs in export-driven sectors such as agriculture, manufacturing and technology, and strengthen the country’s role under the African Continental Free Trade Area (AfCFTA).

Oyetola said the full deployment of the unified digital system would substantially address clearance delays and cut the time by as much as 60 per cent, as well as optimise operations, reduce prolonged dwell times, and the long-standing ports inefficiencies.

Oyetola noted that inefficiencies at the ports cost Nigeria over N2.5 trillion yearly as highlighted in a World Bank report.

He said with the cost of doing business at Nigerian ports, up to 40 per cent higher than in other West African countries, the deployment of the NSW system is expected to reduce costs by at least 25 per cent, making the ports more competitive regionally.

“By streamlining operations, improving transparency and minimising delays, the system not only drives cost savings but also strengthens overall trade facilitation. The cumulative impact across all areas, including reduced costs, enhanced efficiency and greater transparency, ultimately contributes to the overall ease of doing business,” he stated.

Adedeji, described the NSW as pivotal to the realisation of Tinubu’s goal of a $1 trillion economy by 2031. He pointed out that bureaucratic inefficiencies and delays at the ports have eroded Nigeria’s competitiveness in global trade, resulting in significant revenue losses and a decline in foreign direct investments as well as hindering the full realisation of the nation’s economic potential.

Adedeji said the NSW initiative aims to integrate critical trade actors, including, seaports, airports, free trade zones, government agencies, financial institutions, and the private sector onto a single platform to revolutionise international trade.

According to the ministers and other stakeholders, there can be no better time than now for the take-off of the NSW initiative.

This consensus of stakeholders and industry experts was made at the opening of a three-day workshop in Lagos.

“As highlighted by the World Bank, the cost of doing business at Nigerian ports can be up to 40 percent higher than in other West African countries due to delays and administrative bottlenecks, leading to an estimated annual revenue loss of N2.5 trillion within the business community.”

Comptroller General of the Nigeria Custom Service (NCS), Bashir Adeniyi, who was represented, said the concept was not new to Nigeria as similar efforts had been made in the past, suggesting ways to overcome the challenged that stunted similar efforts in the past.

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