Tinubu Launches NSWP to Curb Revenue Leakages in all Ports
By Patience Ikpeme
President Bola Ahmed Tinubu has launched the National Single Window Project (NSWP) in a bid to improve revenue generation and ease of doing business in Nigeria.
The project aims to plug revenue leakages in all the country’s ports, eliminate trade barriers and improve Nigeria’s ranking in the World Bank’s Ease of Doing Business Index.
The NSWP is an electronic portal domiciled in the Federal Inland Revenue Service (FIRS) that integrates all agencies and players involved in import and export processes.
President Tinubu highlighted that Nigeria’s import and export processes are bureaucratic, leading to long lead times at ports.
The project is expected to attract foreign direct investments by simplifying and streamlining import and export clearance processes.
The NSWP will consist of four key pillars: Single Window for Imports, Single Window for Exports, Port Community System, and Scanning Services.
The project is expected to bring in an annual revenue of around $2.7 billion and it will address revenue leakage prevention.
FIRS Chairman Zacch Adedeji praised the project and its potential to unlock economic benefits and achieve an average GDP growth rate of 7% annually.
Adedeji emphasized that the NSWP is not only a technological advancement but also a tool for expanding the tax base and capturing the informal e-commerce sector.
The current lack of a comprehensive trade facilitation system in Nigeria has led to bottlenecks, corruption, port delays, decreased revenue, and a negative business environment, which the NSWP aims to address.
Implementation of similar initiatives in countries such as Singapore, Korea, Kenya, and Saudi Arabia has resulted in significant improvements in trade efficiency.
