Good News as Tinubu Launches Window to Clear Goods at Ports Within 24 Hours
- President Bola Tinubu launched the National Single Window Project on Tuesday, April 16
- This is expected to facilitate a 24-hour clearance of commodities at the country's ports
- The platform is also expected to improve transparency and lessen corruption to increase tax collection
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
In an effort to streamline import and export procedures at the ports, President Bola Tinubu launched the National Single Window Project on Tuesday, April 16.
Source: Getty Images
The project is expected to expedite the import and export processes to accomplish 24-hour clearance of commodities at the country's ports.
A game-changer
Leadership reported that President Tinubu declared the initiative revolutionary and will transform trade at the launch of the event at the State House in Abuja.
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Through the use of a digital platform, he claimed Nigeria will make government trade compliance simpler and open up a world of potential.
It is anticipated that the initiative will shorten the time and expense of conducting business in Nigeria, increasing its appeal to international investors.
The platform will also improve trade sector efficiency and transparency, which will lessen corruption and increase government tax collection.
More benefits
According to Tinubu, the project is anticipated to shorten the time and expense of conducting business in Nigeria, increasing its appeal to overseas investors.
The platform will also improve trade sector efficiency and transparency, which will lessen corruption and increase government tax collection.
“The benefits of this initiative are immense. The 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 Single Window Systems.
“It is time for Nigeria to join their ranks and reap the reward of a streamlined, digitised trade process. We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays and corruption at our ports.
“The National Single Window will address these issues headlong, 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."
Dr. Zacch Adedeji, the chairman of the Federal Inland Revenue Service (FIRS), projects that the National Single Window Project will result in an average yearly GDP growth rate of 7%.
The speaker stated that the National Single Window steering committee, including of delegates from many government agencies and ministries, has established a goal of achieving port approval in 24 hours, which is considerably quicker than the 72-to 48-hour timeframe observed in adjacent nations.
Customs suspends sale of seized food items
Legit.ng reported that the Nigeria Customs Service (NCS) has suspended the sale of seized food items following the stampede that led to the loss of seven lives in Lagos, among the dead is Funmilayo Comfort Adebanjo, a member of the All Progressives Congress (APC).
The Customs' spokesperson, Abdullahi Maiwada, disclosed this in a statement via the NCS X handle (formerly known as Twitter) @CustomsNG, on Monday, February 26.
Maiwada said the decision was due to a stampede that claimed lives at NCS Old Zonal Headquarters in the Yaba area of Lagos state on Friday, February 23.
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Source: Legit.ng
