Business

Tinubu Launches National Single Initiative

President Bola Tinubu on Tuesday launched the National Single Window initiative, a transformative project that will propel the nation’s economy to new heights.

The initiative will modernise the way trade is conducted in the country. The Presidency will oversee the steering committee that will drive the reform.

The National Single Window simplifies government trade compliance through a digital platform.

According to President Tinubu, it will link our ports, government agencies, and key stakeholders, “creating a seamless and efficient system that will facilitate trade like never before.”

Nigeria stands the chance of reaping between $2.7 and $4 billion economic benefit from the paperless trade that the initiative will unlock.

Countries such as Singapore, South Korea, Kenya, and Saudi Arabia have already seen significant improvements in trade efficiency after implementing Single Window systems.

“We cannot afford to lose an estimated $4 billion annually due to red tape, delays, and corruption at our ports”, President Tinubu said.

“The National Single Window will address these issues head-on, 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”

President Tinubu emphasised that the implementation of the National Single Window would not be an overnight process as it would require dedication, collaboration, and a phased approach in view of continental ramifications that extend far beyond national development imperatives alone.

“I assure you, my fellow Nigerians, that we are fully committed to seeing this project through. We will work tirelessly to ensure its success, engaging with all partner agencies and stakeholders to create a system that works for everyone.

“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 intra-Africa trade. This initiative is a testament to our commitment to regional integration and our belief in the power of collaboration.

Explaining the fundamentals of the project, Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), said data harmonization is a crucial component of the initiative, which involves enabling efficient capture, definition, analysis, and reconciliation of regulatory trade documents within one unified technological mechanism.

“We will reduce barriers to efficient timing, improve economic metrics, increase transparency, reduce trade costs, and boost revenue. The implementation plan will be carefully crafted with short-term, medium-term, and long-term phases to ensure a smooth and effective rollout.

“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 for all of our people,” the FIRS Chairman said.

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