The federal government has announced that the implementation of the National Single Window (NSW) will reduce the cost of doing business at the nation’s seaports by at least 25 per cent.
NATIONAL ECONOMY reports that 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 N2.5 trillion within the business community.
The minister of marine and blue economy, Adeboyega Oyetola, at the stakeholders’ forum on the establishment of the NSW in Lagos, said the implementation of the Single Window System can enhance efficiency, potentially reducing these costs by at least 25 per cent.
According to the minister, the NSW will also enhance efficiency, greater transparency and ultimately contributes to the overall ease of doing business at the seaports
“By streamlining operations, improving transparency, and minimising delays, the system not only drives cost savings but also strengthens overall trade facilitation. The cumulative impact across all areas, including reduced costs, enhanced efficiency, and greater transparency, ultimately contributes to the overall ease of doing business,” he said.
Oyetola, however, stated that, the federal government is prioritising multimodal connectivity to boost trade and reduce transportation cost.
According to him, the present administration is advancing multimodal connectivity by improving road, rail, and inland waterway links to and from the ports.
The minister said these improvements are targeted at reducing transportation costs, enhancing logistics, and boosting trade.
Oyetola speaking at the stakeholders’ forum on the establishment of the National Single Window (NSW) in Lagos, said his ministry in collaboration with the Lagos State Government, cleared the age-longm – Tincan – Mile 2 traffic for landside operations and provided tugboats, mooring boats, pilot cutters, bollards, and fenders across all port locations for effective seaside operations.
“We maximised crane productivity and ensured a reduced transit time for vessels and trucks. These led to a reduction in both the vessel and truck turn-around times.
“The vessel turn-around-time went down from an average of 7 days to an average of 5 days, while truck turn-around-time went from an average of 10 days to a few hours. But we are not resting on our oars, as our ultimate goal is to make Nigeria the hub of maritime in West Africa,” he said.
He also added that efforts are underway to revamp existing ports, with Apapa and Tin Can Island Ports as pilot projects, pointing out that the modernisation would address the aged facilities nearing the end of their economic lifespan and enhance hinterland connectivity.
“We are also encouraging private-sector participation in developing greenfield ports and other infrastructure projects. Additionally, the NPA has acquired two state-of-the-art tugboats to strengthen its fleet, with plans to procure more marine crafts to boost operational efficiency,” he said.
He also stated that the ministry of marine and blue economy has commenced a strategic plan and modality by engaging its stakeholders looking at the best way to establish a National Flag Carrier through a Private Public Partnership (PPP), saying, the initiative aims to generate employment, reposition the maritime sector, and provide revenue streams for the government.
“Furthermore, arrangements for the disbursement of the Cabotage Vessel Financing Fund (CVFF) are being finalised to support the development of the shipping sector,” he noted.
