The Federal Government has embarked on a comprehensive initiative to address inefficiencies in Nigeria’s import and export processes, with the aim of mitigating over $4 billion in losses attributed to bureaucratic hurdles.Â
President Bola Tinubu inaugurated the Committee at the Presidential Villa Abuja, comprising experts from various ministries and agencies such as Finance, Marine and Blue Economy, Transportation, Trade and Investment, Federal Inland Revenue Service, Nigerian Customs Service, Nigeria Sovereign Investment Authority (NSIA), Central Bank of Nigeria, National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organization of Nigeria, Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA), and Presidential Enabling Business Environment Council (PEBEC).
This initiative, operating under the National Single Window Steering Committee, seeks to streamline digital trade compliance processes. The National Single Window project is projected to facilitate paperless trade worth $2.7 billion, making a substantial contribution to Nigeria’s economic development.
President Tinubu emphasized the urgency of addressing bureaucratic inefficiencies, delays, and corruption, stressing the need for Nigeria to emulate the successes of countries like Singapore, Korea, Kenya, and Saudi Arabia, which have significantly enhanced trade efficiency through the implementation of a single window system.
He expressed optimism that this initiative would expedite cargo movement, optimize intra-African trade, and underscored his administration’s unwavering commitment to regional integration and collaboration for the betterment of Nigeria’s future.
