The Federal Government has launched an ambitious policy to check infractions in the nation’s import and export value chain, aiming to bridge over $4 billion in losses owing to bureaucratic bottlenecks.
President Bola Tinubu inaugurated the Committee at the Presidential Villa Abuja on Tuesday, incorporating egg-heads drawn from representatives of the Federal Ministry of Finance, representatives of the Marine and Blue Economy, those of the Federal Ministry of Transportation, the Federal Ministry of Trade and Investment as well as Federal Inland Revenue Service.
The Committee also comprised representatives of the Nigerian Customs Service, Nigeria Sovereign Investment Authority, NSIA, the Central Bank of Nigeria, the National Agency for Food and Drug Administration and Control, NAFDAC, the Standards Organization of Nigeria, the Nigerian Maritime Administration on Safety Agency, NIMASA, Nigerian Ports Authority, NPA, and the Presidential Enabling Business Environment Council, PEBEC.
READ ALSO: Police foils cable theft, arrest one suspect in Katsina
The policy is encapsulated under the National Single Window Steering Committee which will explore real-time digital trade compliance.
The National Single Window project will facilitate a paperless trade volume of $ 2.7 billion to the country.
According to the Nigerian President, the country cannot afford to lose an estimated $4 billion annually to bureaucracy, delays and corruption.
He noted that it was time for Nigeria to join the ranks of countries like Singapore, Korea, Kenya and Saudi Arabia that have experienced significant improvement in trade efficiency after implementing a single window system.
Tinubu said he was optimistic that through the newly launched project, Nigeria will expedite cargo movement and optimize inter-African trade.
He added that the initiative is a testament to his administration’s commitment to regional integration and collaboration.
His words, “Today, marks the beginning of a new era of unyielding commitment to prosperity, efficiency and endless possibilities. The National Single Window is not just a project. This initiative is not just a policy but a bold statement of our commitment to progress, prosperity, and the well-being of every Nigerian.
“It is a symbol of our determination to build a better future for ourselves and generations to come.
“The benefit of this initiative is immense paperless trade alone, which 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 improvements in trade efficiency. After implementing a single window system. It is time for Nigeria to join the ranks and reap the reward of a streamlined, digitized trade process. We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays and corruption at our ports.