Market News

By Anozie Egole

The Executive Chairman and Chief Executive Officer of the Federal Inland Revenue Service, Zacch Adedeji, has stated that the deployment of the National Single Window will streamline the process, reduce leakages, and maximise revenue generation from import and export activities.

Adedeji, who made this disclosure in Lagos recently during a stakeholders forum on the NSW, also harped on collaboration to ensure the success of the programme.

“The NSW will significantly enhance our revenue collection capabilities. By streamlining processes, reducing leakages, and improving data accuracy, we can maximise revenue generation from import and export activities,” he said.

According to him, these increased revenues will be crucial for funding critical infrastructure projects, improving public services, and driving overall economic development in the country.

“Now is the moment for Nigeria to establish itself as a leading trade hub on the African continent by implementing a robust and efficient National Single Window system,” he said.

He reiterated that the success of the initiative hinges on one crucial element: collaboration, and that the power of collaboration cannot be overstated in carrying out this initiative.

“The forum serves as a critical platform for fostering a collaborative spirit, aligning objectives, raising awareness, and cultivating a sense of shared ownership amongst all stakeholders present. This necessitates seamless collaboration among government agencies, the public and private sectors, and all entities involved in trade facilitation,” Adedeji said.

The FIRS boss urged Nigerians to resolutely dismantle the traditional silos that have hampered the government’s efforts, cultivate the spirit of shared responsibility, and foster a collective commitment towards achieving common goals.

“This requires a fundamental paradigm shift in our mindset, a willingness to embrace change, adapt to new ways of working, and prioritise the national interest above the interests of any individual organisation,” he concluded.

Also speaking, the Minister of State for Finance, Dr. Doris Uzoka-Anite, fingered the newly launched National Single Window to be a game-changer for trade in Nigeria.

Uzoka-Anite highlighted some of the benefits to include increased transparency and improved revenue generation.

“The impact of the NSW on revenue generation cannot be overstated. By streamlining trade processes and enhancing transparency, the NSW contributes significantly to increased revenue collection for the Nigerian government by streamlining processes to minimise potential vulnerabilities for irregularities and inaccuracies in trade documentation, leading to more efficient and accurate revenue collection,” she said.

Uzoka-Anite said the move would also bring about easier access to information and simplified procedures, encourage greater compliance with tax regulations, and ensure that all businesses contribute their fair share to the national treasury.

The Minister of Trade, Industry, and Investment, Dr. Jumoke Oduwole, while speaking on the theme, ‘The impact of the NSW on trade facilitation in Nigeria with emphasis on exports,’ said the project would provide a centralised digital platform for traders to submit, process, and access trade-related documentation.

“It will eliminate corruption through improved transparency, reducing administrative burdens, and significantly enhancing the ease of doing business in Nigeria,” she said.