President Bola Tinubu has launched the National Single Window initiative, to enhance revenue generation in the country.
Speaking at the launch of the initiative at the Presidential Villa in Abuja on Tuesday, April 16, 2024, Tinubu said the National Single Window is a game-changer that will revolutionise the way trade is conducted in the country, with his office overseeing the steering committee that will drive the reform process forward.
Outlining the benefits of the initiative, the president said by simplifying government trade compliance through a digital platform, Nigeria will unlock the doors to economic prosperity.
“This initiative will link our ports, government agencies, and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before,” he said.
President Tinubu further explained that paperless trade alone is estimated to bring an annual economic benefit of about $2.7 billion, noting that countries like Singapore, South Korea, Kenya, and Saudi Arabia have already seen significant improvements in trade efficiency after implementing Single Window systems.
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Tinubu added: “It is time for Nigeria to join their ranks and reap the rewards of a streamlined, digitised trade process.
“As your president, I have always believed in the immense potential of our great nation. We are a people blessed with resilience, creativity, and an unwavering spirit of enterprise. However, for far too long, our economic growth has been hindered by existing complexities and inefficiencies in our trade processes. Today, we say no more.
“Imagine a Nigeria where businesses can save time and resources, where small enterprises can reach global markets, and where the informal eCommerce sector is brought into the fold, increasing our tax revenue base. This is the Nigeria we are building with the National Single Window.
“We cannot afford to lose an estimated $4 billion annually due to red tape, delays, and corruption at our ports. 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.”
Explaining the fundamentals of the project, Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, said data harmonisation 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.
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