The Chairman of the Federal Inland Revenue Service ( FIRS), Mr. Zach Adedeji, has expressed optimism about the potential of Nigeria’s newly inaugurated national single window (NSW) project to significantly boost the country’s gross domestic product (GDP) growth.
Speaking recently during the project’s inauguration in Abuja, Mr. Adedeji emphasised its role as a catalyst for achieving an average annual GDP growth rate of seven percent, aligning with President Bola Tinubu’s economic agenda.
The NSW, hosted by FIRS, functions as an electronic platform linking all import and export stakeholders to streamline trade processes.
Mr. Adedeji noted its importance in simplifying government trade compliance through digitalisation, foreseeing a plethora of economic benefits.
He also highlighted the NSW’s capacity to create a more connected, efficient, and transparent trade ecosystem, benefiting businesses and stakeholders alike.
Noting the challenges Nigerian faces in trade efficiency, Mr. Adedeji pointed out the significant annual losses due to port inefficiencies, estimated at $4 billion. He emphasised the NSW’s potential to prevent revenue leakage, enhance trade facilitation, and reclaim lost resources for societal development. He also referenced successful single window implementations in countries like Singapore and Kenya, positioning Nigeria to reap similar rewards.
Mr. Adedeji pointed out the NSW’s dual role in expanding the tax base and formalising the informal e-commerce sector. By linking the NSW with other African nations, Nigeria aims to optimise intra-Africa trade, strengthen economic ties, and establish itself as a regional trade leader.
He envisions a transformed Nigeria, poised for global trade dominance through improved facilitation, revenue generation, transparency, and streamlined processes.
