FG eyes $3bn from single window for trade processes

The Federal Government is eyeing an estimated annual revenue of about $3bn from the implementation of the National Single Window platform, The PUNCH reports.

The Minister of Marine and Blue Economy, Adegboyega Oyetola stated this while speaking on Tuesday in Lagos during a stakeholders forum on the establishment of the National Single Window.

The National Single Window was launched by President Bola Tinubu in 2024 to streamline trade processes, reduce bottlenecks, and increase transparency. The Federal Inland Revenue Service and the Nigerian Sovereign Investment Authority were designated as the project’s implementing agencies.

Oyetola said the implementation of the National Single Window is strategically positioned to eliminate revenue leakages estimated to exceed $3bn annually.

He said the NSW would also address supply chain disruptions that affect 70 per cent of logistics companies in Nigeria.

“This system is strategically positioned to enhance transparency by reducing redundancies in the trade process, which will allow for the elimination of revenue leakages, an amount estimated to exceed $3bn annually and address supply chain disruptions that affect over 70 per cent of logistics companies in Nigeria,” Oyetola said.

Oyetola, however, lamented that despite Nigeria’s immense potential, the marine and blue economy faces challenges, including inefficiencies in port operations, bureaucratic obstacles, and insufficient coordination among stakeholders, which have impeded its growth.

According to him, recognising the importance of the NSW project, the ministry and its agencies have ramped up efforts to address infrastructure gaps and deploy systems and equipment necessary for a smooth transition to the new platform.

The former Osun governor promised that the ministry is committed to creating an enabling environment that fosters investor confidence, promotes transparency, and attracts the investment needed to unlock the full potential of our sector.

Oyetola highlighted that the ministry is advancing multimodal connectivity by improving roads, rail, and inland waterways links to and from the ports.

He highlighted that the improvements aim to reduce transportation costs, “enhance logistics, and boost trade. “

On her part, the Minister of State for Finance and Economy, Dr Doris Uzoka-Anite, said, “Indeed, global paperless trade, which we will see under the National Single Window platform, is estimated to bring an annual economic benefit of around $2.7bn to Nigeria.”

Uzoka-Anite added that countries like Singapore, Korea, UAE, Kenya, and Saudi Arabia have already seen significant improvements in trade efficiency after implementing their own single-window systems.

She said that the NSW program is a transformative initiative designed to achieve a goal.

According to her, by simplifying trade processes reducing bureaucratic bottlenecks, and fostering greater efficiency, the NSW enables Nigerian businesses to seamlessly connect with global markets.”

She added that the initiative not only enhances the ease of doing business but also supports the diversification of the economy, reduces dependency on oil exports, and encourages the development of non-oil sectors.

The Minister of Trade, industry, and Investment, Dr Jumoke Oduwole, said, “Our single window project will provide a centralized digital platform for traders to submit, process, and access trade-related documentation – eliminating corruption through improved transparency, reducing administrative burdens, and significantly enhancing the ease of doing business in Nigeria.”

She said that the NSW would play a significant role in achieving the goals by enabling business Nigerian businesses to compete effectively in global markets.

She averred that the platform will help to drive job creation in export-oriented sectors such as agriculture, “manufacturing, and technology.

Strengthening Nigeria’s position as a regional trade hub under AfCFTA.”

Oduwole states that exports not only contribute to Nigeria’s GDP but also provide the foreign exchange needed to stabilize the economy and foster

sustainable development.

Meanwhile, Executive Chairman of the  Federal Inland Revenue Service, Zacch Adedeji, said that the NSW project represents a pivotal stride in Nigeria’s journey towards economic transformation.

He said that the project is not just a step towards improving Nigeria’s trade processes but a leap towards unlocking the vast potential of our economy, contributing significantly to the realisation of a $1tn economy by 2031.

“For too long, Nigeria’s trade facilitation processes have been hampered by a complex web of bureaucratic hurdles, characterized by cumbersome and inefficient procedures, leading to significant delays at the ports, increased costs of doing business, and a substantial erosion of Nigeria’ competitiveness in the global marketplace,” he said.

The FIRS boss stated that the bureaucracy has resulted in substantial revenue losses to the country, a reduction in foreign direct investments, and hindered the full realization of the nation’s economic potential.

“I believe by establishing an integrated platform that seamlessly connects all the critical actors -seaports, airports, free trade zones, government agencies, financial institutions, and the private sector we are set to revolutionize the way we conduct international trade,” he added.

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