WorldStage Newsonline– The Federal Inland Revenue Service(FIRS) and the Nigerian Sovereign Investment Authority (NSIA) have called upon government revenue agencies and private sector players to embrace the new National Single Window (NSW) initiative designed to streamline all import and export operations.
They projected that it would contribute significantly to the realisation of one trillion dollar economy by 2030, in line with President Bola Tinubu’s Renewed Hope Agenda.
Dr Zacch Adedeji, Executive Chairman of FIRS said at the opening ceremony of the National Single Window Industry and Stakeholder Forum on Tuesday in Lagos that the NSW project is a leap towards unlocking Nigeria’s vast economic potential and improving the nation’s trade processes.
Adedeji explained that the country’s trade facilitation processes had been hampered by bureaucratic hurdles, characterised by cumbersome and inefficient procedures.
This, the FIRS boss, said led to significant delays at the ports, increased costs of doing business, and led to a substantial erosion of Nigeria’s competitiveness in the global marketplace.
“This has resulted in substantial revenue losses to the country, reduction in foreign direct investments and hindered the full realisation of our nation’s economic potential.
“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, we are set to revolutionise the way we conduct international trade,” he said.
According to him, the NSW initiative promises to streamline trade processes by eliminating redundant procedures and minimising paperwork, to significantly reduce the time and effort required to import and export goods.
Adedeji noted that the project would also enhance efficiency by automating key processes and facilitating seamless data exchange between agencies, boost transparency and increase revenue generation.
He, however, called for collaboration among government agencies, the public and private sectors, alongside other entities involved in trade facilitation.
“We must resolutely dismantle the traditional silos that have hampered our efforts, cultivate a spirit of shared responsibility and foster a collective commitment towards achieving our common goals.
“This requires a fundamental paradigm shift in our mindset – a willingness to embrace change, adapt to new ways of working, and to prioritise the national interest above the interests of any individual organisation.
In his address, the Managing Director of NSIA, Mr Aminu Umar-Sadiq, said President Tinubu tasked NSIA and FIRS to collaborate with other revenue generating agencies, among other stakeholders, on the successful implementation of the NSW initiative.
Umar-Sadiq, represented by Mr Kolawole Owoduni, Executive Director/ Chief Investment Officer of the Nigeria Sovereign Investment Authority (NSIA), said the NSW initiative was conceived in 2016 as a transformative solution to address the challenges of revenue generation, but encountered some encumbrances.
The NSIA boss stated that the implementation team had successfully engaged two world class institutions as its technical vendor and infrastructure partner through a highly inclusive selection process.
“By integrating continent technology and adhering to international best practice, national single window position Nigeria as a leader in efficient and transparent trade systems,” he said.
In her remark, Dr Jumoke Oduwole, Minister for the Federal Ministry of Industry, Trade, and Investment, commended the FIRS and the NSIA for driving the important conversation to the advancement of trade facilitation in Nigeria.
Oduwole said that the NSW would play a significant role in enabling Nigerian businesses to compete more effectively in global markets.
She said that the initiative would also drive job creation in export-oriented sectors such as agriculture, manufacturing, and technology, while strengthening Nigeria’s position as a regional trade hub under the AfCFTA.
“I assure you all of our ministry’s full support and commitment to this initiative. Together, we can build a system that not only facilitates trade but also drives economic growth, attracts investment and create opportunities for all Nigerians,” she said.
Minister of State for Finance, Dr Doris Uzoka-Anite, said the impact of the NSW on revenue generation cannot be overstated.
Uzoka-Anite said the NSW system had been tried and tested in numerous countries, namely, Indonesia, Vietnam, Rwanda, with evidence of significant impact to their economic fortunes.
“The NSW project is a testament to what is possible when vision meets action
“I encourage all of us here to put our best foot forward to speedily realise this vision of President Tinubu, where Nigeria will join the ranks of the aforementioned nations and reap the rewards of a streamlined, digitised trade process,”she said.
