President Bola Tinubu has inaugurated the national single window project to boost trade in Nigeria.
Speaking during the inauguration of the project and the
steering committee members on Tuesday in Abuja, Tinubu spoke about the
importance of collaboration to ensure the success of the initiative.
According to the president, the project is estimated to
yield $2.7 billion per year for the country.
Tinubu said it is time for Nigeria to join countries such as
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,” Tinubu said.
“We cannot afford to lose an estimated $4 billion annually
to red tape, bureaucracy, delays and corruption at our ports.”
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 and blue economy,
transportation, industry, trade and investment, Federal Inland Revenue Service
(FIRS), Nigerian Customs Service (NCS), and the Nigeria Sovereign Investment
Authority (NSIA).
Others are the 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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