Tinubu Expects To Save $2.7B Annually With New National Single Window Initiative

President Bola Tinubu launched the National Single Window initiative, aimed at boosting Nigeria's economy.

Tinubu called it a game-changer, while speaking at the launch of the initiative at the State House on Tuesday. He said the National Single Window will change the way trade was conducted across Nigeria, adding that the President's Office will be overseeing the steering committee that will drive the reform process forward.

"This initiative will link our ports, government agencies, and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before," the president said, as per the official State House statement.

Tinubu also mentioned that using paperless trade could save about $2.7 billion every year. He pointed out that countries such as Singapore, South Korea, Kenya and Saudi Arabia have already seen big improvements in how quickly they can trade after they started using Single Window systems.

"It is time for Nigeria to join their ranks and reap the rewards of a streamlined, digitized trade process. As your President, I have always believed in the immense potential of our great nation. We are a people blessed with resilience, creativity, and an unwavering spirit of enterprise," he said.

"However, for far too long, our economic growth has been hindered by existing complexities and inefficiencies in our trade processes. Today, we say no more!"

The president asked to imagine a Nigeria where businesses can save their time and resources, where small companies can sell to people all over the world and where online businesses that aren't officially registered can also contribute taxes.

He noted this was the Nigeria his administration was building with the help of the National Single Window initiative, adding that the country can't afford to lose an estimated $4 billion annually due to red tape, delays and corruption at our ports.

"The National Single Window will address these issues head-on, preventing revenue leakage and facilitating effective trade. By doing so, we will create a more transparent, secure, and business-friendly environment that will attract investment and spur economic growth," he said.

Tinubu stressed that the implementation of the National Single Window will not be an overnight process, instead it will take collaboration with all partner agencies and stakeholders to create a system that works for everyone.

He also explained that the National Single Window was not just about Nigeria, but it will also link the country's system with other African nations.