Tinubu eyes $4bn annual savings from reduced bureaucracies

According to President Bola Tinubu, Nigeria will gain roughly $2.7 billion a year from the Single Window Project.

He added that the project will spare the nation at least $4 billion a year that would have been lost to convoluted bureaucracies and corruption that impeded trade efficiency.

This was made public by Tinubu during the launch of the National Single Window project, a new digital trade compliance initiative, in the Council Chamber of the State House in Abuja.A cross-government website called the Single Window project will help with trade by providing a single gateway through which Nigerian and foreign trade actors can access a comprehensive array of resources and standardized services from various Nigerian agencies.According to Tinubu, the initiative would facilitate $2.7 billion in annual paperless trade by optimizing inter-African trade and accelerating cargo movement.The Nigerian president instructed the Presidential Steering Committee on the National Single Window Project to “Dismantle all block webs” that impede trade efficiency, stating that the economy could no longer bear $4 billion in annual losses.

According to the president, Nigeria would then follow Singapore, Korea, Kenya, and Saudi Arabia in having greatly increased trade efficiency following the implementation of a single window system.

He declared, “We cannot afford to lose an estimated $4 billion a year due to corruption, red tape, and bureaucracy at our ports.”This initiative has enormous benefits. It is estimated that the paperless trade alone generates an annual economic benefit of approximately $2.7 billion US dollars.After putting Single Window Systems into place, trade efficiency has already significantly improved in nations like Singapore, Korea, Kenya, and Saudi Arabia. It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralised trade process.”Despite Nigeria’s enormous potential and its population’s resilience, inventiveness, and unwavering spirit of enterprise, Tinubu bemoaned the fact that “for far too long, our economic growth has been hindered by the complexities and inefficiencies in our trade processes.

“He gave his assurance, “Today, we say that there should be no more.””We will unlock the doors to economic prosperity and all other opportunities by simplifying government trade compliance through a digital platform,” he said, describing the national single window as a game-changer that will revolutionize the nation’s trade practices.

The National Single Window will stop revenue leaks and promote efficient trade, the President added.He continued, “By doing this, we will establish a more open, safe, and business-friendly environment that will draw investment and promote economic growth.

“He gave the newly formed steering committee his complete support while acknowledging that the National Single Window’s implementation “will not be an overnight process.”It calls for commitment, teamwork, and a methodical approach. But rest assured, my fellow siblings, we are totally dedicated to completing this project.

However, I can guarantee you, my fellow siblings, that we are totally dedicated to completing this project.The President gave the committee orders to remove any roadblocks in their path and stated that he was open to suggestions in order to ensure the initiative’s success.Take down every obstacle in your path. He stated, “I will be prepared to listen to discussions, your findings, and any problem-solving areas that will make the Single Window a huge success.

The ECOWAS Authority of Heads of State Chairperson, Tinubu, asserted that the Single Window Project is not limited to Nigeria.Thus, “we will expedite cargo movement and optimise inter-Africa trade” by connecting its system with those of other African countries, he declared.”Let us work together as one nation to make the National Single Window a resounding success,” he urged all Nigerians, urging them to welcome the initiative with open arms.

“This project demonstrates our dedication to regional integration and our faith in the effectiveness of teamwork.The President pleaded, “Let us show the world that Nigeria is ready to take its rightful place as one of the leaders in global trade.”Following his briefing to State House correspondents, Bello Koko, the Managing Director of the Nigerian Ports Authority, confirmed that imports would be cleared at all seaports in 24 hours, despite neighboring countries taking 72 hours.

According to Koko, the Single Window initiative will reduce the amount of paperwork associated with import and export transactions because information will now be shared by the pertinent government agencies via a single platform.

“Therefore, the target is 24 hours for clearance. Naturally, we are aware of the 48 to 72 hours that are achievable in neighboring countries, but the goal is truly 24 hours,” he claimed.Important shipment information, according to Koko, will be unified for easy sharing across government agencies. These details include type, year of manufacture, Form M, and cargo weight.

He clarified, saying, “We are attempting to standardize this data so that you fill out as little as possible and all relevant government agencies involved in the import or export processing value chain should be able to select the relevant data from there.” As a result, the image is available here.

We are cutting back on the existing figures.”It will not be printed is the second thing. You can therefore fill it in your offices and bedrooms, which adds to its efficiency.”Whether your requests are for import or export, shipping lines, freight forwarders, Nigerian Customs, NPA, and so on should be able to handle them. That is the intended outcome.At the head of the project secretariat is Mr. Tola Fakolade.

Representatives from the Nigeria Sovereign Investment Authority, the federal Inland Revenue Service, the Nigerian Customs Service, the Federal Ministry of Transportation, the Federal Ministry of Trade and Investment, and the Federal Ministry of Finance, Marine, and Blue Economy are among the members.

The Nigerian Standards Organization, Nigerian Maritime Administration on Safety Agency, Nigerian Ports Authority, Nigerian Central Bank, National Agency for Food and Drug Administration and Control, and Presidential Enabling Business Environment Council are among the others represented.