Tinubu Launches Single Window System To Curb Loss Of $4bn To Bureaucracy At Ports

Tinubu Launches Single Window System To Curb Loss Of $4bn To Bureaucracy At Ports

Paperless trade to rake in $2.7 billion revenue annually

by Ololade Adebeshin
0 comment 5 minutes read

Tinubu Launches Single Window System To Curb Loss Of $4bn To Bureaucracy At Ports

 

Paperless trade to rake in $2.7 billion revenue annually

 

In order to curb an annual loss of $4 billion due to inefficiency, bureaucracy and red tape at the nation’s ports, President Bola Tinubu has launched a Single Window System to revolutionize the conduct of trade in the country.

 

Tinubu while inaugurating the implementation panel of the system at the Council Chamber of the Presidential Villa yesterday said the institutionalization of paperless trade alone at the ports would yield $2.7 Bellion revenue annually into the nation’s coffers.

 

The President, who recognized the immense potential of the country, lamented that the complexities and inefficiencies have aided the economic growth in her trade processes.

 

According to him, the Single Window, already in use in Singapore, Korea, Kenya and Saudi Arabia, was designed to simplify government trade compliance through a digital platform, which would unlock the doors to economic prosperity and all other opportunities.

 

The initiative was to link the nation’s ports, government agencies and key stakeholders thereby creating a seamless and efficient system that would facilitate trade like never before.

 

“Imagine a Nigeria where business can save time and resources, where small enterprises can reach global markets and where the informal e-commerce sector is brought into the fold increasing our tax base. This is the Nigeria we are building with the National Single Window.

 

“The benefits of this initiative are immense. The paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion US dollars. Countries like Singapore, Korea Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing Single Window Systems.

 

“It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralized trade process. We cannot afford to lose an estimated 4 billion in US dollars annually to red tape, bureaucracy, delays and corruption at our ports.

 

The National Single Window will address these issues headlong, 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,” he said.

 

While admitting that the implementation of the system would not be overnight, the President emphasized the commitment of his government to seeing the initiative through.

 

Tinubu added that the scope of the initiative was not limited to Nigeria alone as it would be linked with those of other African nations to expedite cargo movement and optimize inter-African trade.

 

He described the initiative as a testament to Nigeria’s commitment to regional integration and her belief in the power of collaboration.

 

While calling on all Nigerians to join hands together to make the initiative work, the President charged the team to “dismantle all block webs along your way. I will be ready to listen to conversations, your discoveries, to any problem-solving areas that will make the Single Window a big success. You are building a legacy and a country that is yours, mine and future generations to benefit from. You have this great opportunity it’s a bold endeavour that will etch your names in gold.”

 

Responding to a question on what specifically the system was to achieve, the Co-Chair and the Managing Director of the Nigeria Sovereign Investment Fund (NSIA), Aminu Umar-Sadiq said it was to ensure ease of doing business by eliminating bureaucracy and reducing enormous paper works.

 

He said the existing 40-page forms to be filled by importers and exporters would be streamlined and reduced to four which would reflect all information required by all agencies at the ports.

 

‘This, he said, would be done electronically to save time, and energies; and ensure efficiencies and ease of doing business.

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