Economy
National Single Window Not Taking Over Revenue Collection—Fakolade
By Adedapo Adesanya
The Director of the Nigeria National Single Window (NSW), Mr Tola Fakolade, has assured stakeholders that the platform would not encroach on the statutory revenue-collection functions of agencies operating in the nation’s maritime sector.
Mr Fakolade made the clarification during a sensitisation programme for officers of the Nigeria Customs Service in Lagos, held ahead of the Phase One launch of the platform scheduled for March 27, 2026, on Monday.
He explained that the National Single Window is designed strictly to facilitate trade and streamline processes among government agencies involved in import and export operations.
“The National Single Window is not taking over revenue collection from agencies. What it will do is facilitate ease of trade by integrating processes and improving transparency across all participating agencies,” Mr Fakolade said.
He further stressed that the initiative is not a tax collection mechanism for the Nigeria Revenue Service but a presidential project aimed at modernising Nigeria’s trade infrastructure.
“The National Single Window is a presidential initiative with a steering committee comprising all relevant government agencies, each duly represented and led by the Presidency.
“Although the project is funded by the Nigeria Revenue Service, its objective is not to compete with any agency but to strengthen collaboration and efficiency,” he added.
Also speaking at the event, the Deputy Comptroller-General of the Nigeria Customs Service, Mrs Oluyomi Adebakin, underscored the strategic importance of the platform to Nigeria’s global trade competitiveness.
Mrs Adebakin noted that the National Single Window would significantly enhance operational efficiency within Customs while boosting Nigeria’s reputation in international trade.
According to her, digitising and harmonising trade-related procedures will help position Nigeria more favourably in the global trading environment.
“The National Single Window will improve Nigeria’s image in the committee of nations as it relates to trade. It will simplify procedures, reduce delays, and strengthen transparency within the system,” she said.
The sensitisation exercise is part of ongoing efforts by the National Single Window Secretariat to ensure that all government agencies involved in trade operations are fully aligned with the project’s objectives ahead of its full implementation.
Once operational, the National Single Window is expected to integrate multiple government agencies onto a unified digital platform, allowing traders to submit documentation and complete regulatory procedures through a single interface.
By Dipo Olowookere
On the floor of the Nigerian Exchange (NGX) Limited last week, 3.588 billion shares valued at N195.313 billion exchanged hands in 254,553 deals, higher than the 3.361 billion shares worth N151.948 billion traded in 229,442 deals a week earlier.
Over a quarter of these transactions were centred around the trio of Sterling Holdco, Access Holdings, and Zenith Bank, which specifically accounted for 1.038 billion stocks worth N46.081 billion in 33,067 deals, contributing 28.92 per cent and 23.59 per cent to the total equity turnover volume and value, respectively.
They helped the financial equities to lead the activity chart with 2.498 billion units sold for N94.005 billion in 111,052 deals, contributing 69.62 per cent and 48.13 per cent to the total trading volume and value, respectively.
Services stocks traded 329.034 million units valued at N3.452 billion in 14,050 deals, and energy shares transacted 152.472million units worth N42.511 billion in 19,022 deals.
In the week, 61 equities appreciated versus 25 equities in the previous week, as 36 stocks depreciated compared with 54 stocks of the preceding week, while 49 shares remained unchanged, in contrast to 67 shares of the previous trading week.
Trans-Nationwide Express gained 60.48 per cent to sell for N6.05, Ecobank appreciated by 46.30 per cent to N67.30, Stanbic IBTC rose by 36.63 per cent to N188.55, Royal Exchange improved by 29.37 per cent to N1,85, and Aradel grew by 28.93 per cent to N1,649.00.
On the flip side, Coronation Insurance lost 14.38 per cent to close at N2.50, Ikeja Hotel declined by 14.36 per cent to N33.40, International Energy Insurance shrank by 13.80 per cent to N3.06, Academy Press slumped by 12.57 per cent to N7.65, and Honeywell Flour crumbled by 11.01 per cent to N19.00.
Business Post reports that the All-Share Index (ASI) went up by 6.57 per cent to 217,167.57 points, and the market capitalisation advanced by 6.60 per cent to N139.827 trillion, as the demand for Nigerian stocks soared.
Also, all other indices finished higher apart from the insurance and growth indices, which fell by 0.04 per cent and 0.99 per cent, respectively.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
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