The Federal Government of Nigeria has reiterated its dedication to deploying the National Single Window (NSW) system, an initiative designed to consolidate trade processes under a unified digital platform aimed at curbing revenue leakages and boosting operational efficiency in customs and international trade.
During a recent briefing before the National Assembly’s Joint Committee on Customs and Tariffs, presided over by Senator Isah Jibrin, the Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the critical role of customs revenue in sustaining the Federation Account, which serves both federal and state funding needs.
“Customs revenue is significant and remains a major contributor to the Federation Account for the benefit of both the federal and state governments,” Mr. Edun pointed out. “We are working towards achieving higher revenue through more efficient processes and by blocking loopholes and leakages.”
Minister Edun further underscored the administration’s commitment to addressing structural economic reforms, particularly in the aftermath of policy shifts such as the removal of fuel subsidies and the transition to a market-driven foreign exchange regime. “Price equalization remains the only viable approach to managing market dynamics and ensuring fair competition,” he added.
The minister also expressed concern over the predominance of informal trade payment channels, which bypass regulatory oversight, thereby diminishing transparency and exposing the economy to vulnerabilities. He mentioned ongoing attempts to reform the system to allow import and crude oil transactions to be concluded in Nigerian naira, strengthening domestic currency usage.
Highlighting the growth of digital commerce, especially among youth-led digital payment startups outside regulatory frameworks, Edun stressed the urgent necessity to integrate these platforms within formal financial oversight to promote accountability and economic inclusion.
The National Single Window’s rollout is projected to streamline document processing at ports, eradicate redundant procedures, and enhance Nigeria’s position in global trade competitiveness. The National Assembly committee expressed support and pledged swift legislative action to facilitate the initiative’s success.
okay.ng reports that this reform could mark a turning point in how Nigeria manages its foreign trade revenue infrastructure.
