FIRS: $4bn lost annually to inefficiency in import, export processes

The Federal Inland Revenue Service (FIRS) says $4 billion is lost annually over inefficiencies in Nigeria’s import and export processes.

FIRS Chairman Zacch Adedeji disclosed this at the launch of the National Single Window initiative at the Presidential Villa in Abuja on Tuesday, April 16, 2024.

Adedeji said the project aligns with Tinubu’s “commitment to stimulating our economy through enhanced trade facilitation and a bold step towards realising Nigeria’s immense potential.”

The FIRS boss noted that the initiative will serve as a catalyst for achieving an average GDP growth rate of 7 per cent annually, adding that the National Single Window is not just a technological advancement but the gateway to a more connected, efficient, and transparent system.

He said: “By linking our ports, government agencies, and key stakeholders, we will create a seamless ecosystem that facilitates trade, saves time for businesses, and opens up a world of opportunities.

“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.

Tinubu launches window initiative to raise revenue generation

“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.

“Steering Committee – National Single Window 2 Paperless trade alone is projected to bring an annual economic benefit of around $2.7 billion – a testament to the transformative power of this initiative.

“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.

“It is now Nigeria’s turn to join the ranks of these progressive nations and reap the rewards of a streamlined, digitized 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.

“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.”

On his part, President Bola Tinubu said the National Single Window is a game-changer that will revolutionise the way trade is conducted in the country, with his office overseeing the steering committee that will drive the reform process forward.

Outlining the benefits of the initiative, Tinubu said by simplifying government trade compliance through a digital platform, Nigeria will unlock the doors to economic prosperity.

The Star