FG Targets $3bn Annual Revenue from Single Window Trade Facility
The federal government is targeting over $3 billion annually through the National Single Window (NSW), a unified digital platform introduced to overhaul Nigeria’s trade system and solidify its role as a regional transhipment hub.
Launched in April 2024 by President Bola Tinubu, the NSW seeks to streamline all import, export, and transit processes by providing a modernised universal platform for traders. The initiative aligns with Nigeria’s commitments under the World Trade Organisation’s Trade Facilitation Agreement, with potential to cut costs by up to 13 percent, reduce port delays and boost revenue.
“It’s going to give us a minimum of $3 billion in annual revenue generation,” Doris Uzoka-Anite, minister of state for finance, said, highlighting the potential for higher returns if successful.
Adegboyega Oyetola, minister of Marine and Blue Economy, noted that the high cost of doing business at Nigerian ports –up to 40 percent higher than in neighbouring West African countries according to the World Bank — leads to annual losses of N2.5 trillion, but showed optimism about the NSW’s potential to enhance efficiency and curb revenue leakages.
“The Single Window could reduce these costs by at least 25 percent and slash average cargo clearance times by 60 percent,” he asserted.
The digital platform also seeks to improve Nigeria’s global trade competitiveness by tackling corruption and cutting red tape.
Jumoke Oduwole, minister of Industry, Trade and Investment, described the platform as “a transformative reform that will redefine cross-border trade,” noting that it would eliminate unnecessary administrative burdens and enhance transparency.
The minister, who was part of the NSW project since 2016, is eager to get things on the road. “The time for delivery is now,” she said.
She also linked the initiative to reducing demurrage costs and improving Nigeria’s standing under the African Continental Free Trade Area (AfCFTA), particularly with its commitment to champion the AfCFTA protocol on digital trade, announced in South Africa last year.
The phased rollout of the NSW will begin in 2025, focusing on permits and risk management. Full deployment is expected by 2026, with stabilisation projected by 2027/28, explained Tola Fakolade, head of the NSW project secretariat who emphasised that rigorous testing and workforce commitment is crucial to the project’s success.
The Single Window is a product of concerted efforts bringing together several agenies, including the Central Bank of Nigeria, Nigeria Customs Service, Nigeria Ports Authority, NDLEA, the Nigerian Maritime Administaration and safety Agency among other key stakeholders who clamour for increased cooperation to get desired results
Abubakar Dantsoho, the managing director of the Nigeria Port Authority, called the NSW “the most significant initiative since the 2003 port reforms,” noting its capacity to handle 50 billion tons of cargo annually and position Nigeria as a trade authority.
“We also have the potential to serve as transit port to land-locked countries since out of the 44 lin the world, 16 are in Africa,” noted Zacch Adedeji, the chairman of the Federal Inland Revenue Service (FIRS) who is positive the NSW will elp Nigeria realise its $1 trillion goal by 2031.
The project is benchmarked on global successes such as in Indonesia, where the NSW program launched in 2007 reduced clearance times at ports from seven days to just three, saving traders millions annually in administrative costs and delays, and in Vietnam where the NSW introduced in 2014, streamlined interactions with over 20 government agencies.
“Here in Africa Rwanda established its NSW in 2012 to promote regional and international trade which has since resulted in speedier border crossing times which decreased by 50 percent thus boosting the movement of goods in Rwanda,” the minister of state for finance noted.
Project partners have tied the project directly to Nigeria’s economic revival and are hopeful to position Nigeria as an “African Singapore.”
“We need the economic growth urgently, and we believe the single window will provide the avenue for that,” Aminu Umar Sadiq, managing director of the Nigeria Sovereign Investment Authority (NSIA), noted.
