The Federal Government on Monday
inaugurated the Nigeria Trade Hub Portal and the Nigeria Import, Export
and Transit Process Manual that would help to harmonise and simplify the
procedures for cross-border trade.
The NTH is an interactive portal to
assist importers and exporters to obtain correct and timely information
that will enable them to make informed decisions about doing business in
Nigeria.
The Minister of Finance, Dr. Ngozi
Okonjo-Iweala, said at the event that the move would enable the country
to achieve 48-hour cargo clearance at the ports.
The minister was represented by the Permanent Secretary in the ministry, Mrs. Anastasia Nwaobia.
Okonjo-Iweala said, “The Nigeria Trade
Hub is similarly a useful step towards improving trade facilitation in
our economy. This initiative will simplify, harmonise and standardise
the procedures for cross-border transactions in Nigeria.
“As a result, it will further reduce
delays associated with cross-border trade and enable us to attain our
goal of 48-hour cargo clearance time at the ports.”
The hub, she said, would provide an integrated environment, where appropriate regulatory information would be obtained.
The minister noted that the system would
also facilitate commerce across borders and reduce costs for business
operations in the country.
Also, the Minister of Industry, Trade
and Investment, Mr. Olusegun Aganga, said the NTH was a veritable
vehicle to drive the Nigerian trade cycle towards economic development.
“The inauguration of the information
phase of the trade hub will facilitate the next phase, which allows for
end-to-end transaction in a single window environment,” he said.
Aganga noted that the hub would facilitate an effective use of the single window for trade in the country.
He said, “The application of the single
window will help in the modernisation and simplification of the
processes and procedures of international trade in Nigeria.
“An efficient application will help in
creating a competitive and enabling environment for cross-border trade
in terms of reducing processing time and cost; hence enhancing regional
economic integration.”
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