Nigeria’ll save $4bn Annual From Reduced Bureaucracies – Tinubu

President Bola Tinubu affirmed that the country will save at least $4bn lost annually to complex bureaucracies and corruption hindering its trade efficiency by implementing the Single Window Project.

Tinubu revealed this when he inaugurated a new digital trade compliance initiative, code-named the National Single Window project at the Council Chamber of the State House, Abuja.

The Single Window project is a cross-government website with the aim to facilitate trade by offering a single portal for Nigerian and international trade actors to access a full range of resources and standardised services from different Nigerian agencies.

The president furthered that the implantation of the initiative would boost cargo movement and optimizes inter-African trade, thereby facilitating $2.7bn worth of annual paperless trade.

While noting that the economy can no longer stomach $4bn annual losses, the Nigerian leader directed the Presidential Steering Committee on the National Single Window Project to “Dismantle all block webs” in the way of trade efficiency.

This way, Nigeria would join the ranks of Singapore, Korea, Kenya and Saudi Arabia which have experienced significant improvement in trade efficiency after implementing a single window system, the president argued.

He affirmed, “We cannot afford to lose an estimated $4bn annually to red tape, bureaucracy, delays and corruption at our ports.
“The benefits of this initiative are immense. The paperless trade alone is estimated to bring an annual economic benefit of around $2.7bn 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, decentralised trade process.”

He described the national single window as a game changer that will revolutionise the conduct of trade in the country, “by simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.”