President Bola Tinubu says Nigeria stands to benefit about $2.7bn annually by implementing the Single Window Project.
He also notes that the project will save the country at least $4bn lost annually to complex bureaucracies and corruption hindering its trade efficiency.
Tinubu was speaking when he inaugurated a new digital trade compliance initiative, code-named the National Single Window project at the Council Chamber of the State House, Abuja.
The Single Window project is a cross-government website which will facilitate trade by offering a single portal for Nigerian and international trade actors to access a full range of resources and standardized services from different Nigerian agencies.
The initiative, the President says would expedite cargo movement and optimize inter-African trade, thereby facilitating $2.7bn worth of annual paperless trade.
While noting that the economy can no longer stomach $4bn annual losses, Tinubu has directed the Presidential Steering Committee on the National Single Window Project to dismantle all block webs in the way of trade efficiency.
The President believes this launch will allow Nigeria join the ranks of Singapore, Korea, Kenya and Saudi Arabia which have experienced significant improvement in trade efficiency after implementing a single window system.
President Tinubu emphasized that the implementation of the National Single Window would not be an overnight process as it would require dedication, collaboration, and a phased approach in view of continental ramifications that extend far beyond national development imperatives alone.
“I assure you, my fellow Nigerians, that we are fully committed to seeing this project through. We will work tirelessly to ensure its success, engaging with all partner agencies and stakeholders to create a system that works for everyone.

“Moreover, the National Single Window is not just about Nigeria. By linking our system with those of other African nations, we will expedite cargo movement and optimize intra-Africa trade. This initiative is a testament to our commitment to regional integration and our belief in the power of collaboration.
“I call upon every Nigerian to embrace this initiative with open arms. Let us work together, as one nation, to make the National Single Window a resounding success. Let us show the world that Nigeria is ready to take its rightful place as a leader in global trade.
“Together, we will build a Nigeria that is stronger, more prosperous, and more united than ever before. The National Single Window is our gateway to that future, and I am honoured to lead us on this transformative journey,” the President concluded.
Explaining the fundamentals of the project, Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), said data harmonization is a crucial component of the initiative, which involves enabling efficient capture, definition, analysis, and reconciliation of regulatory trade documents within one unified technological mechanism.
“We will reduce barriers to efficient timing, improve economic metrics, increase transparency, reduce trade costs, and boost revenue. The implementation plan will be carefully crafted with short-term, medium-term, and long-term phases to ensure a smooth and effective rollout.
“The success of this project hinges on the unwavering commitment and collaboration of all stakeholders. It requires strong government participation and engagement from all partner agencies. Together, we will work tirelessly to overcome any obstacle and ensure the seamless implementation of the National Single Window project.
“We are ushering in a new wave of economic prosperity, efficiency, and boundless opportunities. The National Single Window is not just a project. It is a symbol of our collective aspiration and our determination to build a better Nigeria for all of our people,” the FIRS Chairman said.