Nigeria will launch a major digital trade platform on Friday aimed at simplifying imports and exports, in what officials describe as a “game changer” for the country’s trade system, Minister of Trade and Investment Jumoke Oduwole told Reuters.
The rollout marks the first phase of Nigeria’s National Single Window, a centralized electronic platform designed to significantly reduce bureaucracy and processing time for importers and exporters. This initial phase will cover one shipping line and one port.
“These are the kinds of game changers in terms of trade facilitation that we need,” Oduwole said, noting that the project is a key priority for an economy of Nigeria’s scale that is working to strengthen trade activity.
She added that the initiative is part of President Bola Tinubu’s broader reform agenda, which also includes changes to tax systems and fiscal policies.
As part of ongoing efforts to improve trade infrastructure, Britain and Nigeria recently announced a £746 million ($1 billion) export finance agreement to support the redevelopment of two major trading ports.
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Oduwole explained that improving the efficiency of import and export processes at ports could have a “multiplier effect” on the country’s balance of trade and foreign exchange earnings.
Currently, inefficiencies at Nigerian ports significantly increase costs. According to SBM Intelligence analysts, transporting goods from Europe to warehouses within Lagos port city limits costs about five times more than in South Africa and three times more than in Ghana.
When asked about the possibility of a free trade agreement with China, Oduwole said, “we’re still looking at all the options, and then we’ll see.”
Addressing concerns about the impact of the Middle East conflict on emerging economies and borrowing costs, she said it is too early to determine the full effect. “Everybody’s a bit nervous at a point, but we really pray that it’s over soon and that markets can stabilize and investors can again get that confidence of stability.”
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Image Credit: Business Insider Africa
