FIRS chairman foresees 7% GDP growth with National Single Window initiative

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At the inauguration of the National Single Window (NSW) initiative and its steering committee members in Abuja, Zacch Adedeji, the Chairman of the Federal Inland Revenue Service (FIRS), highlighted the significant role of the NSW in driving Nigeria’s economic growth.

Adedeji stated that the NSW, located within the FIRS, acts as a digital interface connecting all stakeholders involved in import and export processes to a unified platform.

He pointed out the potential of the NSW to accelerate an average annual gross domestic product (GDP) growth rate of 7 percent, aligning with President Bola Tinubu’s vision for economic revitalization.

Adedeji expressed optimism that the NSW would tap into Nigeria’s economic capabilities, furthering the country’s commitment to sustainable development.

“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.

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“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. 

“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.

“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.

“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.”

Adedeji further highlighted that by integrating the NSW with other African nations, Nigeria aims to enhance intra-Africa trade to bolster economic connections, foster growth opportunities, and promote collaboration across borders.

Adedeji added that enhancing trade facilitation, revenue generation, and transparency, along with streamlining processes, will elevate Nigeria into a formidable global trade player.