Owing to the failure to implement the National Single Window (NSW) initiative, Nigeria incurs an annual loss of approximately N2.5 trillion due to inefficiencies, delays and administrative bottlenecks at the country’s ports.
Addressing participants at the recently concluded 3-day National Single Window stakeholders’ forum, the Minister of Marine and Blue Economy, Adegboyega Oyetola, highlighted that the staggering loss stemmed from the exorbitant cost of doing business at the nation’s ports.
He said: “As highlighted by the World Bank, the cost of doing business at Nigerian ports can be up to 40 percent higher than in other West African countries due to delays and administrative bottlenecks, leading to an estimated annual revenue loss of N2.5 trillion within the business community.
“However, the implementation of the Single Window System can enhance efficiency, potentially reducing these costs by at least 25 percent. By streamlining operations, improving transparency, and minimizing delays, the system not only drives cost savings but also strengthens overall trade facilitation,” he said.
Conversely, he noted that the cumulative impact across all areas—including reduced costs, enhanced efficiency, and greater transparency—ultimately contributes to the overall ease of doing business, adding that the significance of this conference extends beyond fostering collaboration, dialogue, and alignment among key players within various sectors.
