- $3bn Logistics Investment Possible With New Trade Platform – Oye
- Says National Single Window May Cut Port Clearance to 48 Hours
- Emphasised that strong collaboration between the public and private sectors would be crucial to ensuring the success of the initiative
Nigeria could unlock up to $3 billion in logistics investment and generate about $18 million in annual efficiency savings if the country’s planned National Single Window trade platform is implemented with strong private sector participation.
Eko Hot Blog reports that this was disclosed by Dele Kelvin Oye, chairman of the Alliance for Economic Research and Ethics, ahead of the system’s March 27 launch.
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The digital platform is designed to integrate government agencies involved in trade into a single online portal, with the aim of simplifying import and export procedures across the country.
Once operational, the system is expected to reduce cargo clearance time at Nigerian ports from the current 18 to 21 days to less than 48 hours, a move that could address delays that have long weakened Nigeria’s trade competitiveness.
Oye, who also serves as chairman of the Nigeria–Turkiye Business Council, said the success of the initiative would depend largely on the level of private sector involvement in its governance and implementation.
According to him, the March 27 launch represents another opportunity for Nigeria to successfully implement the reform after three previous failed attempts caused by inter-agency rivalry, lack of political will and institutional resistance.
He noted that the National Single Window initiative, spearheaded by Tola Fakolade at the National Single Window Secretariat, is expected to eliminate duplicate documentation, improve efficiency and attract between $2 billion and $3 billion in private logistics investment over five years.
The platform will integrate several key agencies involved in trade processes, including the Nigeria Customs Service, National Agency for Food and Drug Administration and Control, Standards Organisation of Nigeria, Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency and the Nigeria Revenue Service.
Through the system, traders will be able to submit documents once, make payments online and track cargo movements in real time.
Oye, a former national president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture and immediate past chairman of the Organised Private Sector of Nigeria, however noted that placing the trade facilitation platform under the country’s tax authority rather than its trade promotion agency raises important governance questions.
He emphasised that strong collaboration between the public and private sectors would be crucial to ensuring the success of the initiative.
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