…says loss due to inefficiency, bureaucracy at ports
…paperless trade to rake in $2.7 billion revenue annually
NOSA EGHAGHA
ABUJA, Nigeria – President Bola Tinubu on Tuesday launched a Single Window System to revolutionise the conduct of trade in the country.
This is part of the federal government’s measures to curb an annual loss of $4 billion to inefficiency, bureaucracy and red-tape at the nation’s entry points.
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 recognised the immense potential of the country, lamented that the economic growth has been aided by the complexities and inefficiencies 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 the 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 emphasised 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 Africa trade.
He described the initiative as a testament to Nigeria’s commitment to regional integration and her believe 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 endeavor that will etch your names in gold.”
Responding to 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 reduce 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, energies; ensure efficiencies and ease of doing business.
The Single Window System Implementation panel inaugurated by the President was to be chaired by the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.
Comptroller-General of the Nigeria Customs Service (NCS), Wale Adeniyi; Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko and heads of other relevant government agencies were members of the committee.
