The Federal Government has reaffirmed its commitment to implementing the National Single Window (NSW) initiative, aimed at plugging revenue leakages, enhancing transparency, and improving the efficiency of international trade processes. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the importance of Customs revenue to the national economy, stating that it remains a major contributor to the Federation Account for both federal and state governments.
The NSW initiative is expected to streamline trade documentation, reduce processing time at ports, eliminate redundancies, and significantly improve Nigeria’s standing in global trade rankings. Edun noted that the government is working towards achieving higher revenue through more efficient processes and by blocking loopholes and leakages. He also acknowledged challenges in Nigeria’s trade payment system, with many transactions occurring outside formal channels, and revealed plans to explore reforms to increase transparency.
The government is considering conducting import and crude oil transactions in naira to improve the system. Edun also raised concerns about youth-led digital payment platforms operating outside regulatory frameworks and stressed the need to bring these transactions under oversight to ensure accountability. The National Assembly committee commended the minister’s efforts and pledged legislative support to fast-track the necessary frameworks for the successful rollout of the NSW initiative ¹.
