Finance Minister Backs Single Window

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the adoption of a single trade window system would facilitate trade within the African continent,
The minister said this at the recently concluded sub-regional workshop on single window, stressing that the move would help to accelerate economic development within the region.

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the adoption of a single trade window system would facilitate trade within the African continent,
The minister said this at the recently concluded sub-regional workshop on single window, stressing that the move would help to accelerate economic development within the region.
The single window system facilitates national and international transactions, through the simplification and harmonisation of processes, procedures and information flows. The system will result in improved efficiency and effectiveness of official controls and can reduce costs for both government and traders due to better use of resources. The minister said that the reduction of personal contacts in trade transactions would also enhance the anti-corruption drive of government
She was represented at the event by the Permanent Secretary in the ministry,  Mr. Danladi Kifasi.
She said, “While the main objective of trading internationally is to expand a nation’s market coverage and earn much needed foreign exchange, the realisation of this objective could be hampered by inefficiencies in the logistics involved.
“The single window has been designed to drastically reduce if not eliminate these inefficiencies”
The minister explained that international trade demanded an efficient harmonisation of three flows in trade logistics.
These are the flow of physical goods from sellers to buyers, the flow of money from buyers to sellers, and the flow of information in between both parties.
She said, “It is truism that international trade has become the bedrock of economic development in the 21st century and a nation or region that does not trade efficiently will languish in underdevelopment and poverty.”
“The establishment of a single window system therefore constitutes an important building block in the area of trade facilitation. It also serves as a global best practice for One-Stop-Shop operations in cargo clearance, she affirmed.