President Bola Tinubu said introducing the National Single Window (NSW) project would facilitate national and regional integration.

Tinubu said this during the inauguration of the National Steering Committee of the NSW on Tuesday at the Presidential Villa, Abuja.

He said Nigeria would be key to the global revenue enjoyed by other global financial systems, which would benefit from the single-window initiatives of ease of doing business.

The single-window system or single-window concept is a trade facilitation concept which allows an international (cross-border) trader to submit information to a single agency.

It reduces dealing with multiple agencies in multiple locations to obtain the necessary papers, permits, and clearances to complete their import or export processes.

Mr Tinubu pledged to provide the needed conducive environment for the project to succeed in the face of the challenges, adding that he would empower the committee to break all barriers.

The president said, “The national single window is a game changer that will revolutionise the way we conduct trade by simplifying government trade compliance through a digital platform. We unlock the doors to economic prosperity and all other opportunities.

“This initiative will link our ports, government agencies and key stakeholders by creating a seamless and efficient system that will facilitate trade like never before.

“The benefits of this initiative are immense. Paperless trade alone is estimated to bring an annual economic benefit of around 2.7 billion US dollars. Countries like Singapore, Korea, Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing the Single Window System.”

Zacch Adedeji, chairman of the Federal Inland Revenue Service and chairman of the Steering Committee, said Nigeria could gain more than seven per cent gross domestic product growth annually from using the NSW.

He said the initiative would also engender collaborative business information sharing among various stakeholders involved in the import and export business.

“This initiative will serve as a catalyst for achieving an average GDP growth rate of 7% annually and propel Nigeria to new islands of prosperity. The national single window is not just a technological advancement.

“It is the gateway to a more connected, efficient and transparent system by linking our ports, government agencies and key stakeholders,” he said.

(NAN)