The Federal Government has launched the National Single Window Project to boost Nigeria’s trade and economic growth.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun kicked off the launch of the transformative initiative, which aims to streamline trade processes, reduce bottlenecks, and increase transparency, positioning Nigeria for economic growth.
A statement from the Ministry of Finance signed by Mohammed Manga, Director, Information and Public Relations on Wednesday said, the NSW project, spearheaded by the Federal Inland Revenue Service and the Nigerian Sovereign Investment Authority, seeks to create a centralized platform where traders can submit and receive information related to import and export procedures.
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This is expected to significantly reduce the time and cost associated with trade transactions.
Edun noted the importance of the NSW project in driving Nigeria’s economic development.
“This initiative is a crucial step towards improving our trade facilitation processes and making Nigeria more competitive in the global market,” he stated during the project’s kickoff workshop in Abuja.
The project secretariat, which will be housed within the FIRS, will serve as a central hub for coordination and oversight. Key stakeholders from various government agencies, including the Nigerian Ports Authority, Nigerian Customs Service, Nigerian Civil Aviation Authority and National Agency for Food and Drug Administration and Control, are actively participating in the workshop to ensure the successful implementation of the NSW.
By simplifying trade procedures and reducing bureaucratic hurdles, the government aims to create a more conducive business environment and attract foreign investment.
The three-day workshop will conclude with a detailed action plan outlining the next steps for the project and timelines for its full implementation.
As the NSW project progresses, Nigeria can anticipate improved trade efficiency, increased transparency, and a more business-friendly environment, paving the way for sustainable economic growth and development.
“Their collaboration is crucial to ensuring the successful implementation of the NSW, which is a critical component of President Bola Ahmed Tinubu’s broader economic reforms.
“The three-day workshop will conclude today (Thursday) with a detailed action plan, outlining the next steps for the project and the timelines for its full implementation.
“With the launch of the National Single Window, Nigeria is poised to witness a significant leap in trade facilitation and economic growth.
“The collaboration among key stakeholders and the designation of implementing agencies underscore the federal government’s commitment to this critical component of President Tinubu’s economic reforms.
“As the project moves forward, Nigeria can expect improved trade processes, increased transparency, and a more business-friendly environment, paving the way for a brighter economic future for betterment of the economy,” the statement concluded.