Top Story

Pres. Tinubu launches National Single Window project, to generate annual $2.7bln revenue

..... project to drive regional integration, trade efficiency, and economic development

655

“This initiative will link our ports, government agencies and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before”

In pursuit of his administration’s vision of promoting trade efficiency and economic development, President Bola Tinubu on Tuesday launched the National Single Window Project.

It is projected that it will generate $2.7 billion in revenue annually for the country, reports Persecondnews.

Tinubu spoke on Tuesday at the project’s inauguration and the Steering Committee at the Council Chambers of the Presidential Villa, Abuja.

He said:”We cannot afford to lose an estimated four billion U.S. dollars annually to red tape, bureaucracy, delays, and corruption at our ports.

This initiative, is not just a policy. It is a bold statement of our commitment to progress, prosperity, and the well being of every Nigerian.

 

“As your President, I have always believed in the immense potential of our great nation. We are a people blessed with resilience, creativity, and unwavering spirit of enterprise.

“However, for far too long, our economic growth has been hindered by the complexities and inefficiencies in our trade processes. Today, we say that should be no more.

“The National Single Window is a game changer that will revolutionize the way we conduct trade. By simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.

“This initiative will link our ports, government agencies and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before.”

According to the president, the national single window project is to transform trade by simplifying government trade compliance via a digital platform.

Describing the project as a game changer in bringing enormous economic benefits to the nation,Tinubu said it is high time Nigeria joined countries like Singapore, Korea, Kenya, and Saudi Arabia that have recorded significant improvements in trade efficiency after implementing the single window system.

With Nigeria joining those countries, Tinubu expressed the hope that it will start to reap the rewards of a streamlined, decentralized the trade process.

He called for collaboration to ensure the success of the initiative, pointing out that the project has the potential to facilitate regional integration, trade efficiency, and Nigeria’s economic development.

Members of the National Single Window Steering Committee are drawn from the Nigerian Ports Authority (NPA), the Central Bank of Nigeria (CBN), Ministries
of Finance, Marine and Blue Economy, Transportation, Industry, Trade, and Investment, the Federal Inland Revenue Service, the Nigerian Customs Service, the Nigerian Sovereign Investment Authority (NSIA) and the National Agency for Food and Drug Administration and Control (NAFDAC).

Others are the Standards Organization of Nigeria (SON), the Nigerian Maritime Administration on Safety Agency (NIMASA), and the Presidential Enabling Business Environment Council (PEBEC).

Tinubu described the project as a transformative initiative because it goes beyond mere policy and is a resolute commitment to Nigeria’s advancement and citizens’ welfare.

While highlighting the nation’s abundant potential for resilience, creativity, and entrepreneurial spirit, he also stressed the need to eliminate longstanding barriers hindering the nation’s economic advancement.

 

The president also said: “Imagine a Nigeria where business can save time and resources, where small enterprises can reach global markets and where the informal e-commerce sector is brought into the fold increasing our tax base. This is the Nigeria we are building with the National Single window.

“The benefits of this initiative are immense. The paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion. Countries like Singapore, Korea Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing Single Window Systems.

“It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralized the trade process. We cannot afford to lose an estimated 4 billion in US dollars annually to red tape, bureaucracy, delays and corruption at our ports.

“The National Single Window will address these issues headlong, 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 implementation of National Single Window will not be an overnight process, I know. It require dedication, collaboration and a phased approach. But I assure you my fellow brothers and sisters, that we are fully committed to seeing this project through.

“We will work tirelessly to ensure its success by engaging all partner agencies and stakeholders to create a system that works for every one of us.

“Moreover, the National Single Window is not just about Nigeria by linking our system with those of other African nations, we will expedite cargo movement and optimize inter Africa trade. This initiative is a testament to our commitment to regional integration and our believe in the power of collaboration.

“My dear brothers and sisters, today marks the beginning of a new era. An era of unyielding commitment to prosperity, efficiency and endless possibilities.

 

“The National Single Window is not just a project, it is a symbol of our determination to build a better future for ourselves and generations to come. I call upon every one of you, all Nigerians to embrace this initiative with open arms.

“Let us work together as one nation to make the National Single Window a resounding success. Let us show the world that Nigeria is ready to take his rightful place as one of the leaders in global trade.”

Still making a clarion call to Nigerians, Tinubu said together a stronger, more prosperous and more united than ever before Nigeria shall be built.

“The national single window is our gateway to that future. And I am honored to lead us on this transformative journey, I assure you.

“Dismantle all block webs along your way. I will be ready to listen to conversations, your discoveries, to any problem solving areas that will make the single window a big success.

“You are building a legacy and a country that is yours, mine and future generations to benefit from. You have this great opportunity it’s a bold endeavour that will etch your names in gold,” the president stressed.

Speaking on the occasion, Malam Mohammed Bello-Koko, the Managing Director of the Nigeria Ports Authority (NPA) said targets for port clearance and processing time is 24 hours.

He pointed out that Nigeria’s unique objective is 24 hours, although bordering countries can have a range of 72 to 48 hours. The shift from filling out 20, 30, or 40 physical forms to digitally completing forms with 2, 3, or 4 pages, he continued, indicates the direction the government is taking in terms of form volume.

“For example, take a look at a form that asks for information on a product, including its type, manufacturing year, and any other details that Customs and the Nigerian Ports Authority require, including its MF and form M numbers.

“At the moment, duplicate forms are being filled out, requiring the same information from both sides. We want to make this process as efficient as possible so that the least amount of data is input which will help all government entities that are involved in import and export operations,'” Bello-Koko said.

He said the goal of the programme was to move away from paper submissions to digital processing.

The NPA boss was hopeful that the increased efficiency would be seen in a number of industries, including goods forwarders, shipping lines, Nigerian Customs, and the NPA.

“By taking a more simplified approach, import and export requests will be processed more quickly, increasing efficiency for all parties.”

Also speaking, the Chairman of the Implementation Committee on the project and Special Adviser to the President on Revenue, Mr Zacch Adedeji said President Tinubu had approved structure for the implementation of the project.

According to him, by the president’s directive, the Federal Inland Revenue Service and Nigerian Sovereign Investment Authority would serve as the project implementing agencies and financial managers.

“The heavy cost, delay and inefficiency at our port has been constant burden. It is estimated that a staggering four billion USD annually is lost due to this inefficiency.

“By addressing revenue leakage prevention and facilitating effective trade, we will reclaim these lost resources and channel them towards the betterment of our society.

“This initiative will serve as a catalyst for achieving an average GDP growth rate of 7% annually, propelling in Nigeria to new height of prosperity.

“The current international trade environment is complex involving disparate system and requiring an average of 40 documents per transaction.

“Nigeria’s lack of a comprehensive trade facilitation system has led to bottlenecks, corruption, poor delay, decreased revenue and negative business environment.

“The National Single Window is a decisive response to these challenges. By improving trade facilitation, revenue generation economic growth, transparency, security and streamline process, we will transform Nigeria into a global trade powerhouse.

“Data harmonization is crucial component of this initiative, enabling us to capture, define, analyze, and reconcile regulatory trade document efficiently.

“Through the National Single Window, we will reduce clearance, times improve economic metrics, increase transparency, reduce trade costs and boost revenue,” Adedeji said

The implementation plan will be carefully crafted with short term, medium term and long term phases to ensure a smooth and effective rollout, he explained.

“We are ushering in a new wave of economic prosperity, efficiency and boundless opportunities. The national single window is not just a project, it is a symbol of our collective aspiration. And our determination to build a better Nigeria.

“It is a testament to our resilience, our ingenuity and our unwavering belief in the potential of our great nation,” Adedeji said, assuring that all members of the committee will rise to the challenge and ensure the project’s success,” the FIRS boss said.

 

Leave a comment

Related Articles

Breaking: Kano Assembly repeals Emirates Council Law

After scaling its third reading, the Kano State House of Assembly passed...

Democracy: Pres.Tinubu advocates bolstering Africa’s regional economic communities

Daniel Okejeme In a bid to promote commerce and integration, advance democracy...

Just in: Tinubu appoints Shehu Mohammed as FRSC Corps Marshal 

Daniel Okejeme President Bola Tinubu has appointed Mr. Shehu Mohammed as the...

Israel-Gaza war: US threatens ICC over move to arrest Israeli PM Netanyahu

Following the International Criminal Court’s prosecutor’s request for arrest warrants for Israeli...

Again, CBN raises Monetary Policy Rate to 26.5%

The Central Bank of Nigeria (CBN) has again increased the Monetary Policy...

Breaking: Tragedy as Iran’s President Raisi, 8 others die in helicopter crash

All nine people on board of Iranian President Ebrahim Raisi’s helicopter which...

Breaking: Helicopter carrying Iran’s president crashes

A helicopter carrying Iranian President, 63-year-old Ebrahim Raisi, has reportedly suffered a...

FG appoints ex-Govs. Yuguda, Elechi, Shinkafi, Ngilari, APC’s lawyer, Olanipekun, others Chairmen of varsities’ governing councils

The Federal Government has announced the names of the Pro-Chancellors, Chairmen, and...

Fake News: No fire outbreak from our tank farm in Lagos—NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked a report...

Just in: Court denies Binance executive Tigran Gambaryan bail

A Federal High Court sitting in Abuja has denied the bail application...

No attempt to illegally use pension funds for infrastructure development – FG

Minister of Finance Wale Edun has refuted claims that the Federal Government...

FG opens student loan application portal May 24

The Federal Government has announced May 24, 2024, as the official date...

Just in: Tinubu, Senegalese President, in closed-door meeting at Aso Rock

President Bola Tinubu is in a closed-door meeting with the new Senegal...

Breaking: Pres. Tinubu inaugurates three milestone gas infrastructure projects in Delta, Imo States

President Bola Tinubu inaugurated three landmark projects on Wednesday, which include the...

Pres.Tinubu set to inaugurate Kwale Gas Processing Plant (GPP-1)

President Bola Tinubu is set to inaugurate the three critical gas infrastructure...

Gov. Fubara opens can of worms, says Wike’s projects debts gargantuan, killing

Rivers Gov. Siminalayi Fubara has opened up on the colossal debts handed...

FG plans performance-based salary scheme for its workforce

A new performance-related pay system for employees in the federal civil service...

Just in: Gov. Fubara to probe predecessor, Wike, inaugurates panel of inquiry

Barring last minute change of plans, Rivers Gov. Siminalayi Fubara, has indicated...

Tinubu at FEC meeting, orders MDAs to procure CNG vehicles

In a bid to harness Nigeria’s gas potential, President Bola Tinubu has...

Tinubu swears in two NPC commissioners

President Bola Tinubu has appointed two more commissioners to the National Population...