ABUJA, April 16 (Xinhua) -- Nigerian President Bola Tinubu Tuesday launched the National Single Window (NSW) project to streamline the West African country's trade processes and bolster economic integration.
This initiative, spearheaded by the Nigerian government in collaboration with key stakeholders, is also expected to improve the country's trade by providing a platform for all import and export-related activities.
The NSW will improve the trade by simplifying government trade compliance through a digital platform, Tinubu said in the Nigerian capital of Abuja while launching the project and inaugurating a steering committee to that effect. "This initiative will link our ports, government agencies, and key stakeholders by creating a seamless and efficient system that will facilitate trade like never before."
It will reduce the need to deal with multiple agencies in multiple locations to obtain the necessary papers, permits and clearances to complete their import or export processes, the president said.
"The benefits of this initiative are immense. Paperless trade alone is estimated to bring an annual economic benefit of around 2.7 billion U.S. dollars. Countries like Singapore, Korea, Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing the Single Window System," he added.
