President Tinubu Unveils Digital Trade Initiative: National Single Window Project Promises $2.7 Billion Annual Economic Boost

President Bola Ahmed Tinubu of Nigeria has inaugurated a groundbreaking digital trade compliance initiative known as the National Single Window project. This initiative aims to revolutionize trade processes in Nigeria, streamlining operations and fostering economic growth. The project is expected to deliver an estimated annual economic benefit of $2.7 billion to the country.

During the launch of the Presidential steering committee on the National Single Window project at the Council Chamber of the State House in Abuja, President Tinubu emphasized the urgency of improving trade efficiency in Nigeria. He highlighted the staggering losses incurred annually due to bureaucracy, delays, and corruption, amounting to an estimated $4 billion.

Drawing inspiration from success stories in countries like Singapore, Korea, Kenya, and Saudi Arabia, President Tinubu underscored the transformative potential of the National Single Window project. By digitizing trade processes and optimizing cargo movement, Nigeria aims to enhance regional integration and collaboration while facilitating inter-African trade.

The President articulated his vision for a streamlined, digitalized trade ecosystem that empowers businesses, expands market access, and bolsters the informal e-commerce sector. Through the National Single Window, Nigeria seeks to eliminate revenue leakage, enhance tax compliance, and create a conducive environment for economic development.

President Tinubu outlined a phased approach to implementing the project, emphasizing the need for dedication and collaboration among stakeholders. He expressed confidence in the Presidential steering committee’s ability to overcome obstacles and drive the project to success.

Mr. Zacheus Adedeji, the Special Adviser to the President on Revenue, highlighted the multifaceted benefits of the National Single Window project. Beyond facilitating trade, the initiative serves as a catalyst for expanding the tax base and formalizing the e-commerce sector, contributing to national development.

The National Single Window Steering Committee comprises representatives from various government ministries and agencies, demonstrating a collective commitment to advancing Nigeria’s trade agenda. With concerted efforts and unwavering support from the government, the National Single Window project holds the promise of transforming Nigeria’s trade landscape and propelling the nation towards sustainable economic growth.

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