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National single window will eliminate $3bn revenue leakages annually – FG

The federal government has underscored the importance of the National Single Window (NSW) project, saying it has the potential to eliminate revenue leakages estimated to exceed $3 billion annually.

The minister, Marine and Blue Economy, Adegboyega Oyetola, stated this on Tuesday during the stakeholders’ forum on the establishment of the NSW that was held in Lagos.

He highlighted inefficiencies in port operations, bureaucratic obstacles and insufficient coordination among stakeholders as the bottlenecks impeding the potential of the marine and blue economy.

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Adegboyega, however, said the implementation of the NSW would simplify trade processes and enhance trade facilitation through its unified electronic platform.

“This digital transformation eliminates redundancies, reduces processing times, and ensures seamless coordination among government agencies and private sector actors. In essence, it is the bedrock for efficiency and competitiveness in global trade,” he said.

The minister, Industry, Trade and Investment, Jumoke Oduwole, described the establishment of NSW system for trade processes as a transformative reform, saying it will redefine the process of trade conducted across borders.

She added that the project would eliminate corruption through transparency and reduce administrative burdens in an effort to enhance the ease of doing business.

“Our single window project will provide a centralized digital platform for traders to submit, process and access trade-related documentation,” she said.

The minister of state for finance, Doris Uzoka-Anite, emphasised the need for support from all stakeholders, including government agencies and private the sector, saying collaboration among agencies would help to foster the power of the initiative to unlock the country’s trade potential.

“By working together, we can leverage the transformative power of this initiative to unlock Nigeria’s full trade potential, drive economic growth and create a more prosperous future for all Nigerians.

“I therefore urge all stakeholders to remain steadfast in their commitment to this transformative agenda,” she said.

The NSW chairman who doubles as the Executive Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji, stressed that the implementation of the project will strengthen Nigeria’s competitiveness in the global marketplace.

“I believe by establishing an integrated platform that seamlessly connects all the critical actors – seaports, airports, free trade zones, government agencies, financial institutions, and the private sector – are set to revolutionise the way we conduct international trade,” he said.

The Director General, Manufacturers Association of Nigeria (MAN) Segun Ajayi-Kadir, however, stressed the need for a proper digital infrastructure to prevent glitches when the project is implemented.

“We must note that the effective implementation of NSW requires we address key issues like poor and inadequate infrastructures and other constraints and develop a contingency plan to ensure manufacturers do not encounter service disruptions in case of system downtimes or cyber-attacks,” he said.

 

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