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FIRS: National single window will help Nigeria achieve 7% GDP growth annually

FIRS: National single window will help Nigeria achieve 7% GDP growth annually
April 16
21:00 2024

Zacch Adedeji, chairman of the Federal Inland Revenue Service (FIRS), says the newly inaugurated national single window (NSW) project is a catalyst for achieving an average gross domestic product (GDP) growth rate of 7 percent annually in Nigeria.

Adedeji spoke on Tuesday during the inauguration of the project and the steering committee members in Abuja 

The NSW, domiciled at the FIRS, is an electronic portal that links all agencies and players in import and export processes to an integrated platform.

Adedeji said the project aligns with President Bola Tinubu’s commitment to stimulating the economy, adding that the NSW would go a long way to unlocking the country’s true potential. 

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“As we strive towards achieving sustainable economic growth, we must embrace high-impact projects such as the national single window,” he said.

“By simplifying the government trade compliance process through a cutting-edge digital platform, we will unlock a myriad of economic benefits.

“This initiative will serve as a catalyst for achieving an average GDP growth rate of 7 percent annually, propelling Nigeria to new heights of prosperity. 

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“The national single window is not just a technological advancement; it is the gateway to a more connected, efficient, and transparent system.”

Adedeji said a seamless ecosystem that facilitates trade, saves time for businesses, and opens up a world of opportunities would be created by linking Nigeria’s ports, government agencies, and key stakeholders.

“From providing access to education and healthcare to enabling small businesses to reach global markets, digital connectivity is the key to unlocking Nigeria’s true potential,” Adedeji said.

“The heavy costs, delays, and inefficiencies at our ports have been a constant burden. It is estimated that a staggering $4 billion annually is lost due to these inefficiencies.

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“By addressing revenue leakage prevention and facilitating effective trade, we will reclaim these lost resources and channel them towards the betterment of our society.

“The success stories of countries that have embraced single window systems are evident. Singapore, Korea, Kenya and Saudi Arabia have all witnessed significant improvements in trade efficiency after implementing similar initiatives.”

Adedeji said it is Nigeria’s turn to join the ranks of progressive nations and reap the rewards of a streamlined and digitised trade environment.

“The national single window is not just about facilitating trade; it is also a powerful tool for expanding our tax base and capturing the informal e-commerce sector,” he said.

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“By providing a unified, modern digital platform for expeditious paperless cargo clearance and logistics, we will bring more businesses into the formal economy, ensuring that everyone contributes their fair share to our nation’s development.”

He also said by linking the NSW with other African nations, Nigeria will optimise intra-Africa trade and position the country as a leader in regional trade facilitation, fostering stronger economic ties and creating new opportunities for growth and collaboration.

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Adedeji said improving trade facilitation, revenue generation, economic growth, transparency, security, and streamlined processes will transform Nigeria into a global trade powerhouse.

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