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HomeTop NewsPresident Tinubu projects $2.7 bln in annual economic gains via Single Window...

President Tinubu projects $2.7 bln in annual economic gains via Single Window Project

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President Bola Tinubu has disclosed that Nigeria is poised to gain approximately $2.7 billion annually through the implementation of the Single Window Project, an innovative digital trade compliance initiative aimed at streamlining the country’s trade processes.

Speaking at the inauguration of the National Single Window project at the Council Chamber of the State House, Abuja, President Tinubu emphasized the significant economic benefits of this transformative endeavor.

He underscored that the project, which provides a unified platform for trade actors to access resources and services from various Nigerian agencies, will not only expedite cargo movement but also optimize inter-African trade.

Tinubu highlighted the pressing need to address the complexities and inefficiencies in Nigeria’s trade processes, which have cost the country an estimated $4 billion annually due to bureaucracy and corruption.

He emphasized the urgency of dismantling obstacles hindering trade efficiency to position Nigeria among global leaders in streamlined trade processes.

READ ALSO: IMF boosts Nigeria’s 2024 economic growth forecast to 3.3%, but adopts cautious outlook for 2025

Acknowledging that the implementation of the National Single Window will require dedication and collaboration, President Tinubu assured his full support to ensure its success.

He charged the newly inaugurated Presidential Steering Committee to proactively eliminate any impediments and welcomed innovative ideas to enhance the initiative’s effectiveness.

Moreover, Tinubu emphasized the regional significance of the Single Window Project, advocating for its integration with systems of other African nations to enhance cargo movement and promote inter-Africa trade.

In his appeal to all Nigerians, President Tinubu urged unity and collaboration to make the National Single Window a resounding success, emphasizing its role in advancing regional integration and positioning Nigeria as a leader in global trade.

Following the inauguration, the Managing Director of the Nigerian Ports Authority (NPA), Bello Koko affirmed that the Single Window initiative will significantly reduce clearance time for imports at seaports to 24 hours, a remarkable improvement compared to neighboring countries.

Koko highlighted that the initiative will streamline paperwork and enhance information sharing among government agencies, further facilitating trade transactions.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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