Tinubu Inaugurates National Single Window Project, Targets $4bn Annual Savings

President Bola Tinubu has launched the National Single Window project, aimed at improving trade efficiency and saving Nigeria an estimated $4bn annually.

The initiative, inaugurated on Tuesday, is a digital trade compliance platform designed to streamline the country’s trade processes and reduce bureaucratic and corruption-related losses.

The National Single Window project is expected to expedite cargo movement, optimize inter-African trade, and facilitate $2.7bn worth of annual paperless trade.

By implementing this system, Nigeria aims to join the ranks of countries like Singapore, Korea, Kenya, and Saudi Arabia, which have experienced significant improvements in trade efficiency.

In his address, President Tinubu emphasized the immense potential Nigeria has, with its resilient, creative, and entrepreneurial people.

However, he noted that the country’s economic growth has been hindered by complex and inefficient trade processes.

The National Single Window project is designed to address these challenges by simplifying government trade compliance through a digital platform.

The President has directed the Presidential Steering Committee on the National Single Window Project to eliminate any obstacles in their way, expressing his commitment to the project’s success.

He also called on all Nigerians to embrace the initiative with open arms, as it transcends Nigeria and is crucial for regional integration and collaboration.

The Managing Director of the Nigerian Ports Authority, Bello Koko, has confirmed that the Single Window initiative will reduce paperwork and unify shipment details across government agencies.

The target is to clear imports within 24 hours, surpassing the 48 to 72 hours standard in neighboring countries.

The project’s secretariat is headed by Mr. Tola Fakolade, with members from various government agencies and organizations.

This collaborative effort is crucial to the project’s success, as it aims to transform Nigeria’s trade landscape and unlock economic prosperity.

As Nigeria embarks on this ambitious project, it stands to benefit from improved trade efficiency, reduced corruption, and increased economic growth.

The National Single Window project is a testament to the country’s commitment to modernization and its potential to become a leader in global trade.