 President Bola Tinobu on Tuesday inaugurated the Staring Committee on the Implementation of the National Single Window Project in a move to burst the red tape evident in administrative bottlenecks and allied bureaucracies that have constituted impediments to maximizing the comparative advantage that Nigeria's maritime endowments confer. The Single Window solution interconnects all stakeholders involved in foreign trade and enables them to perform trade procedures in one platform. The Single Window provides a comprehensive online environment for all governmental and business users such as importers, exporters, declarants, commercial banks, carriers, customs, ministries and other government agencies to perform trade operations. By simplifying and automating customs and trade processes, traders and government agents benefit from smoother processes that enable a reduction of clearance times. The unified trade window also secures government revenue and improves the overall country's image in international trade indicators. This initiative will serve as a catalyst for achieving an average GDP growth rate of 7% annually prepared in Nigeria to new heights of prosperity. Paperless trade alone is projected to bring an annual economic benefit of around 2.7 billion USD, a testament to the transformative power of this initiative. We cannot afford to lose an estimated $4 billion a year annually to red tape, brokerage, delays and corruption at our ports. The National Single Window will address these issues, preventing and refilitating effective trade by doing so. We will create a more secure and business-friendly investment as part of the global economy. Hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.