…Finance Minister Edun Highlights Reform Priorities Before National Assembly Committee
By Henry Umoru
ABUJA — The Federal Government has reaffirmed its commitment to implementing the National Single Window (NSW) initiative—an integrated trade facilitation platform aimed at plugging revenue leakages, enhancing transparency, and improving the efficiency of international trade processes.
Speaking during an appearance before the National Assembly Joint Committee on Customs and Tariffs, chaired by Senator Isah Jibrin (APC, Kogi East), the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the importance of Customs revenue to the national economy.
“Customs revenue is significant and remains a major contributor to the Federation Account for the benefit of both the federal and state governments,” Edun stated. “We are working towards achieving higher revenue through more efficient processes and by blocking loopholes and leakages.”
The minister explained that the Tinubu administration remains focused on correcting structural distortions in the economy, particularly following the removal of fuel subsidies and the shift to a market-driven foreign exchange system.
“Price equalization remains the only viable approach to managing market dynamics and ensuring fair competition,” he said.
Edun acknowledged challenges in Nigeria’s trade payment system, noting that a significant number of transactions still occur through informal channels. He revealed that the government is exploring reforms aimed at increasing transparency, including the possibility of conducting import and crude oil transactions in naira.
“Many of our trade transactions are conducted outside formal channels. We are working on reforms that will improve the system,” he noted.
Addressing emerging trends in digital commerce, the minister raised concerns about youth-led digital payment platforms that often operate outside the regulatory framework. He stressed the need to bring these transactions under the oversight of financial regulators to ensure accountability and integration into the formal economy.
The implementation of the National Single Window is expected to streamline trade documentation, reduce processing time at ports, eliminate redundancies, and significantly improve Nigeria’s standing in global trade rankings.
The National Assembly committee commended the minister’s efforts and pledged legislative support to fast-track the necessary frameworks for the successful rollout of the initiative.
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