Minister of Trade and Investment Jumoke Oduwole has said Nigeria will launch a key digital platform on Friday to streamline imports and exports.
She described the move as a “game changer” for trade in the country.
The first phase of the 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 emphasise trading.
The project is part of President Bola Tinubu’s reform agenda that has also included tax architecture and fiscal reforms, Oduwole said.
The development was after 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.
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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 stabilise and investors can again get that confidence of stability.”
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