…To boost trade, generate $2.7bn revenue

President Tinubu has launched a policy to curb over $4 billion revenue loss to import-export infractions.

President Bola Tinubu inaugurated the National Single Window Project, aimed at streamlining Import-Export Activities across the country at the Presidential Villa Abuja on Tuesday.

The project is a cross-government website to facilitate trade by offering a single portal for trade actors, both Nigerian and international, to access a full range of resources and standardised services from different Nigerian agencies.

The Committee incorporated egg-heads drawn from representatives of the Federal Ministry of Finance, representatives of the Marine and Blue Economy, those of the Federal Ministry of Transportation, the Federal Ministry of Trade and Investment as well as Federal Inland Revenue Service.

The Committee also comprised representatives of the Nigerian Customs Service, Nigeria Sovereign Investment Authority, NSIA, the Central Bank of Nigeria, the National Agency for Food and Drug Administration and Control, NAFDAC, the Standards Organization of Nigeria, the Nigerian Maritime Administration on Safety Agency, NIMASA, Nigerian Ports Authority, NPA, and the Presidential Enabling Business Environment Council, PEBEC.

The policy is encapsulated under the National Single Window Steering Committee which will explore real-time digital trade compliance.

A statement from the Presidency stated that the benefits of the initiative are immense.

“The paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion US dollars.

“This initiative will link Nigeria’s ports, government agencies, and key stakeholders by creating a seamless and efficient system that will facilitate trade like never before.

“The initiative will allow businesses to save time and resources, allow small enterprises to reach global markets, inclusion of the informal e-commerce sector, and increment in the country’s tax base.

“The National Single Window will also prevent revenue leakage and facilitate effective trade which will create a more transparent, secure, and business-friendly environment that will attract investment and spur economic growth in Nigeria.

“This initiative is a testament to the administration of President Tinubu’s commitment to regional integration and belief in the power of collaboration,” the statement read.

Speaking at the inauguration, President Tinubu said the country cannot afford to lose an estimated $4 billion annually to bureaucracy, delays and corruption.

He noted that it was time for Nigeria to join the ranks of countries like Singapore, Korea, Kenya and Saudi Arabia that have experienced significant improvement in trade efficiency after implementing a single window system.

Tinubu said he was optimistic that through the newly launched project, Nigeria will expedite cargo movement and optimise inter-African trade.

He added that the initiative is a testament to his administration’s commitment to regional integration and collaboration.

His words, “Today, marks the beginning of a new era of unyielding commitment to prosperity, efficiency and endless possibilities. The National Single Window is not just a project. This initiative is not just a policy but a bold statement of our commitment to progress, prosperity, and the well-being of every Nigerian.

“It is a symbol of our determination to build a better future for ourselves and generations to come.

“The benefit of this initiative is immense paperless trade alone, which 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 improvements in trade efficiency. After implementing a single window system. It is time for Nigeria to join the 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,” he said.

The Minister of Trade, Industry and Investment, Dr Doris Uzoka-Anite has revealed that the Federal Government has commenced the disbursement process for the Presidential Conditional Grant scheme.

The scheme, which targets nanobusinesses — enterprises with one or two workers and an annual turnover of less than N3 million aims to provide each beneficiary with N50,000.

In a statement released on Tuesday, the Federal Ministry of Industry, Trade, and Investment declared, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. A number of beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”

The ministry further explained, “In collaboration with telecommunications providers, we have successfully resolved the initial delays in sending out shortcodes for NIN verification and application continuation.

“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date.”

The Presidential Conditional Grant Programme was launched last year to alleviate economic hardship following the removal of fuel subsidies in the country.

It is expected to reach one million small businesses across the 774 local government areas and the six council areas in the Federal Capital Territory.

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1,200 to N1,000 per litre.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.