The federal government has announced its plans to implement the National Single Window (NSW) in its bid to reduce the cost of doing business across tha nation’s ports by at least 25 per cent.
The Minister of Marine and Blue Economy, Adeboyega Oyetola disclosed this in Lagos on Tuesday.
Speaking at the stakeholders’ forum on the establishment of the NSW in Lagos , Oyetola said the implementation of the Single Window System will enhance efficiency, potentially reducing the costs by at least 25 per cent.
As highlighted by the World Bank, the cost of doing business at Nigerian ports can be up to 40 per cent higher than in other West African countries due to delays and administrative bottlenecks, leading to an estimated annual revenue loss of ₦2.5 trillion within the business community.
Oyetola, however, stated that the federal government is prioritising multimodal connectivity to boost trade and reduce transportation cost.
According to him, the President Bola Ahmed Tinubu led administration is advancing multimodal connectivity by improving road, rail, and inland waterway links to and from the ports.
He said these improvements are targeted at reducing transportation costs, enhancing logistics, and boosting trade.
The Minister added that efforts are underway to revamp existing ports, with Apapa and Tin Can Island Ports as pilot projects, pointing out that the modernization would address the aged facilities nearing the end of their economic lifespan and enhance hinterland connectivity.
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