President Bola Tinubu has inaugurated the steering committee of the National Single Window (NSW) project to boost trade in Nigeria.
Speaking during the inauguration of the project steering committee on Tuesday in Abuja, Tinubu said the project is expected to yield $2.7 billion per year for the country.
He said it is time for Nigeria to join countries like Singapore, Korea, Kenya and Saudi Arabia, which have experienced significant improvement in trade efficiency upon adopting single window systems.
“It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralised trade process.
“We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays and corruption at our ports,” he said.
Tinubu highlighted the project’s potential to improve regional integration and trade efficiency, making it a crucial step towards Nigeria’s economic advancement.
Members of the national single window steering committee include representatives of the Ministries of Finance; Marine & Blue Economy; Transportation and Industry, Trade & Investment.
Others are Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), Nigeria Sovereign Investment Authority (NSIA); Central Bank of Nigeria (CBN), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Nigerian Maritime Administration on Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and Presidential Enabling Business Environment Council (PEBEC).
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