Tinubu launches National Single Window Project to boost trade, revenue generation

To bolster revenue generation and streamline trade processes, President Bola Tinubu has launched a steering committee for the National Single Window Project (NSWP).

During the inauguration of the NSWP committee on Tuesday at the Presidential Villa in Abuja, President Tinubu underscored the importance of this initiative. It aims to remove trade barriers, enhance revenue generation, and elevate Nigeria’s standing in the World Bank’s Ease of Doing Business Index.

The NSWP, domiciled at the Federal Inland Revenue Service (FIRS), is expected to attract foreign direct investments by enhancing import and export businesses.

The National Single Window Project serves as an electronic platform integrating all agencies and stakeholders involved in import and export processes by facilitating seamless trade operations.

The presidential steering committee comprises representatives from key government agencies such as Nigeria Customs, Nigeria Ports Authority (NPA), Federal Airports Authority of Nigeria (FAAN), FIRS, NAFDAC, NIMASA, CBN, SON, alongside private sector players including exporters, importers, shipping lines, and clearing agents.

President Tinubu outlined the objectives of the NSWP, which essentially is to simplify import and export clearance processes, reduce business costs, and attract more foreign investments.

The project encompasses four key pillars: Single Window for Imports, Single Window for Exports, Port Community System, and Scanning Services across sea, air, and land borders.

Speaking at the launch, FIRS chairman Zacch Adedeji commended President Tinubu for spearheading this transformative initiative and designating FIRS and the Nigeria Sovereign Investment Authority (NSIA) as implementing agencies and financial managers.

Adedeji noted the economic benefits of digitalizing trade compliance processes, and projected an annual GDP growth rate of 7 percent in addition to unlocking significant economic potential for Nigeria.

The implementation of the National Single Window is expected to address revenue leakage, enhance trade efficiency, and boost economic growth.

According to the FIRS boss, “the heavy costs, delays, and inefficiencies at our ports has been a constant burden. It is estimated that a staggering $4 billion USD annually is lost due to these inefficiencies”

Adedeji disclosed that transitioning to paperless trade alone could yield an annual economic benefit of around $2.7 billion USD, showcasing the transformative impact of this initiative.

Drawing inspiration from successful Single Window implementations in countries like Singapore, Korea, Kenya, and Saudi Arabia, Adedeji highlighted Nigeria’s opportunity to modernize and streamline trade processes to foster a more connected, efficient, and transparent trade environment.

The National Single Window Project represents a critical step towards digitizing and optimizing Nigeria’s trade ecosystem, fostering economic growth, enhancing revenue generation, and positioning Nigeria as a global trade powerhouse. Through this initiative, the government aims to create a more conducive business environment, attract investments, and harness the transformative potential of digital connectivity to drive inclusive economic development.