The federal government has announced that the implementation of the National Single Window (NSW) will reduce the cost of doing business at the nation’s seaports by at least 25 per cent.
This is as stakeholders have collaborated to ensure the successful implementation of the NSW initiative to unlock Nigeria’s full trade potential and catalyse economic growth.
The stakeholders comprising government agencies, the public and private sectors, and all entities involved in trade facilitation made their contribution at the National Single Window & Industry Stakeholders forum held yesterday in Lagos.
LEADERSHIP reports that the World Bank, the cost of doing business at Nigerian ports can be up to 40 per cent 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.
Minister of Marine and Blue Economy, Adeboyega Oyetola, at the stakeholders’ forum on the establishment of the NSW in Lagos, said the implementation of the Single Window System can enhance efficiency, potentially reducing these costs by at least 25 per cent.
According to the minister, the NSW will also enhance efficiency, greater transparency and ultimately contributes to the overall ease of doing business at the seaports
“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 said.
Oyetola, however, stated that the federal government is prioritising multimodal connectivity to boost trade and reduce transportation cost.
He said that the executive decision to implement the National Single Window system alongside the Port Community System marks a pivotal step in this direction, demonstrating the government’s commitment to modernising trade processes and maximising the utilisation of the nation’s marine resources.
He stated that Nigeria’s marine and blue economy represents an untapped gold mine of opportunities, saying that the marine and blue economy holds immense potential to contribute significantly to the GDP, create thousands of jobs, and drive regional and global trade.
He added that “despite its 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. Addressing these challenges requires an efficient, integrated, and secure logistics ecosystem; a goal that the National Single Window system is poised to enable.”
The minister of state for Finance, Dr. Doris Uzoka-Anita stated that “the single window project will ensure the monitoring and evaluation of our port and trade facilitation processing.”
She noted that at the moment, the documentations are mostly manual, saying that the NSW is a platform that integrated with the latest digital technology, AI, blockchain technology to ensure that there is traceability, transparency and accountability.
She also noted that there is no need for multiple checkpoints because the Symbolic Window streamlines all of it and makes it easy for import and export noting that “the project will give a minimum of $3 million as an annual revenue generation and boost our trade facilitation within Africa.”
She added that “if we can leverage on this strength, we can see that revenue going from what we are currently projecting to multiples of millions.”
The minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole stated that “the establishment of the NSW system for trade processes in Nigeria is not merely a policy objective; it is a transformative reform that will fundamentally redefine the way trade is conducted across our borders.
According to her, our single window project will provide a centralised 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.
Executive chairman Federal Inland Revenue Service (FIRS), Zacch Adedeji said that the NSW 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 $1 trillion economy by 2031, in line with the President’s Renewed Hope Agenda.
He explained that “for too long, Nigeria’s trade facilitation processes have been hampered by a complex web of bureaucratic hurdles, characterised by cumbersome and inefficient procedures, leading to significant delays at the ports, increased costs of doing business, and a substantial erosion of Nigeria’s competitiveness in the global marketplace.
“This has resulted in substantial revenue losses to the country, reduction in foreign direct investments, and hindered the full realisation of our 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 revolutionise the way we conduct international trade.”
He noted that the success of this ambitious endeavor hinges on collaboration, saying that the power of collaboration cannot be overstated and is the core objective of this Stakeholders’ forum.
National Single Window, a government initiative that aims to streamline trade processes by creating a single digital platform where all import, export, and transit related documents can be submitted to relevant authorities, eliminating the need for multiple submissions to different agencies, thus reducing bureaucratic hurdles and improving ease of doing business within a country; essentially consolidating trade information and procedures into one centralised system.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
