Nigeria will launch a key digital platform on Friday to streamline imports and exports in a “game changer” for trade in the West African nation, Minister of Trade and Investment Jumoke Oduwole told Reuters.
The first phase of Nigeria’s National Single Window – a centralised electronic trade platform aimed at drastically slashing red tape and time for importers and exporters – is scheduled to go live on Friday. It will include one shipping line and one port.
“These are the kinds of game changers in terms of trade facilitation that we need,” Oduwole said, adding that it is a priority project for an economy of Nigeria’s size that is working to emphasize trading.
The project is part of President Bola Tinubu’s reform agenda that has also included tax architecture and fiscal reforms, Oduwole said. Britain and Nigeria last week announced a 746 million pound ($1 billion) export finance deal to fund the redevelopment of two trading ports.
Oduwole said streamlining imports and exports at the ports could have a “multiplier effect” in terms of balance of trade and foreign exchange generation.
Nigerian port inefficiencies add significantly to costs. SBM Intelligence analysts have said that the average cost of bringing goods from Europe to warehouses within the port city limits in Lagos are five times the comparable costs in South Africa and three times those in Ghana.
Asked whether Nigeria would go ahead with a free trade deal with China, she said “we’re still looking at all the options, and then we’ll see.”
Asked about the fallout from the Middle East conflict on emerging economies and the cost of capital, Oduwole said it will take time to see how markets react.
“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.”
