Economy
Nigeria to Launch National Single Window March 27 for Streamline Trade
By Adedapo Adesanya
Nigeria is set to unveil its National Single Window (NSW) platform on March 27, a game-changing digital system aimed at slashing red tape in trade and boosting the nation’s global competitiveness.
This was announced on Thursday in a statement issued by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
He noted that the landmark initiative, first championed by President Bola Tinubu nearly two years ago, received strong backing at a high-level stakeholders’ meeting in the State House, Abuja, chaired by the Chief of Staff to the President, Mr Femi Gbajabiamila.
Attendees included ministers and agency heads from the Central Bank of Nigeria (CBN), Nigeria Customs Service (NCS), Nigeria Revenue Service (NRS), as well as the Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA) and National Agency for Food and Drug Administration and Control (NAFDAC).
Mr Gbajabiamila hailed the NSW as a “monumental” fiscal reform during the session. “We are about to launch yet another reform, fiscal reform by this administration, which in its nature will be very transformational,” he said. “As the name suggests, it is a single national window as opposed to multiple single windows. This meeting is to review the progress we have made and get your commitment that we will manage this transition smoothly.”
Mr Gbajabiamila praised the “dedication and professionalism” of key players, including the CBN, NRS and NCS, urging seamless collaboration in the final countdown.
NSW Coordinator, Mr Tola Fakolade, outlined the rollout details, emphasising the first phase’s focus on online import permits, electronic cargo manifests and a centralised risk management system.
“The support that we need from each of the agencies is even more critical now. Documents will be submitted once and shared with all relevant agencies without duplication,” Mr Fakolade stressed.
He noted ongoing nationwide user training and imminent pilot testing, with cargo manifests set to transmit automatically across agencies “without human intervention.”
Coordinating Minister of the Economy and Finance Minister, Mr Wale Edun, vowed full ministry backing.
“This is a growth-enhancing and growth-enabling project. What is required of the Ministry of Finance, we will definitely do,” Mr Edun affirmed.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, called it a “critical pillar of the Renewed Hope Agenda,” adding that it was long overdue.
She pledged active collaboration over the next three weeks to educate traders, importers and exporters.
On his part, the CBN Governor, Mr Yemi Cardoso, highlighted the need to bridge Nigeria’s trade facilitation gaps, while NRS Chairman, Zacch Adedeji, pushed for robust coordination.
“We need stronger coordination and political will,” Mr Adedeji said, proposing that the trade minister lead the 23-day sprint to launch.
Adding his input, the Customs Comptroller-General, Mr Bashir Adeniyi, labelled it a “historic milestone”, committing to stakeholder engagement for success.
By Dipo Olowookere
The local stock exchange remained in the red on Friday after it further depreciated by 0.62 per cent due to panic sell-offs in some bellwether equities.
NAHCO lost 10.00 per cent to trade at N148.50, Royal Exchange depreciated by 10.00 per cent to N1.53, GTCO slumped by 9.97 per cent to N115.55, First Holdco dropped 9.84 per cent to quote at N55.00, and Neimeth slipped by 9.60 per cent to N28.12.
On the flip side, Deap Capital increased by 9.89 per cent to N4.89, RT Briscoe expanded by 9.62 per cent to N13.10, International Energy Insurance advanced by 7.43 per cent to N5.06, Jaiz Bank gained 7.14 per cent to sell for N9.00, and Living Trust Mortgage Bank rose by 5.26 per cent to N4.00.
During the session, the energy index chalked up 2.35 per cent, but this was not enough to lift the Nigerian Exchange (NGX) Limited when the closing gong was struck by 4 pm to signify the close of trading activities.
This was because the banking sector lost 4.41 per cent, the insurance counter shed 1.52 per cent, the industrial goods space declined by 0.71 per cent, and the consumer goods segment tumbled by 0.13 per cent.
Consequently, the All-Share Index (ASI) contracted by 1,463.45 points to 235,941.27 points from 237,404.92 points, and the market capitalisation retreated by M939 billion to N151.327 trillion from N152.266 trillion.
The activity chart was topped by Access Holdings, which posted a turnover of 65.0 million shares valued at N1.5 billion. Zenith Bank sold 35.2 million stocks worth N3.9 billion, Sterling Holdings exchanged 28.4 million equities for N217.8 million, UBA transacted 16.3 million shares valued at N650.7 million, and GTCO traded 14.0 million stocks worth N1.8 billion.
In all, investors transacted 440.4 million equities for N24.7 billion in 50,273 deals, in contrast to the 691.6 million equities valued at N116.9 billion traded in 50,025 deals on Thursday, implying an uptick in the number of deals by 0.50 per cent, and a decrease in the trading volume and value by 36.32 per cent and 78.87 per cent, respectively.
By Adedapo Adesanya
The Naira again depreciated against the United States Dollar by N7.16 or 0.53 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 19, to N1,370.46/$1 from the previous day’s N1,363.30/$1.
In the same vein, the Nigerian currency lost N9.07 against the Pound Sterling at the official market yesterday to trade at N1,814.76/£1 compared with Thursday’s closing price of N1,805.69/£1, and crashed against the Euro by N6.43 to settle at N1,571.50/€1 versus N1,565.07/€1.
Also, the Naira weakened against the greenback in the black market during the session by N5 to sell for N1,390/$1, in contrast to the preceding day’s N1,385/$1, and at the GTBank FX desk, it shed N3 to close at N1,376/$1 versus N1,373/$1.
The official market’s FX liquidity has been facing pressure over the last three trading sessions, contributing to a decline in the official exchange rate due to rising demand for foreign payments.
FX reserves rose to $51.03 billion, the highest level since January 20, 2009, according to data obtained from the Central Bank of Nigeria (CBN). The figure also represents the highest since the beginning of the year and under the administration of the current Governor of CBN, Mr Yemi Cardoso.
The latest figure underscores the steady strengthening of Nigeria’s external buffers, which continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.
Meanwhile, the cryptocurrency market was mixed, with Bitcoin (BTC) up by 0.8 per cent to $63,225.80 after trading activity was relatively subdued due to a US federal holiday, as the absence of stock and bond market activity led to quieter conditions across crypto markets, even though digital assets continue to trade around the clock.
Further, TRON (TRX) also gained 0.8 per cent to sell at $0.3230, Binance Coin (BNB) jumped 0.5 per cent to $579.84, and Ethereum (ETH) appreciated by 0.1 per cent to $1,704.23.
On the flip side, Ripple (XRP) declined by 0.9 per cent to $1.13, Cardano (ADA) shed 0.8 per cent to trade at $0.1611, Solana (SOL) fell by 0.1 per cent to $69.23, and Dogecoin (DOGE) slipped by 0.1 per cent to $0.0831, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Brent crude gained 66 cents or 0.53 per cent to sell for $80.38 per barrel on Friday after Israel and Hezbollah agreed on a ceasefire in Lebanon, though Iran set conditions for using the vital Strait of Hormuz.
Also, the US West Texas Intermediate (WTI) crude was up 94 cents or 1.23 per cent to $77.54 per barrel, amid light trading volumes due to the US Juneteenth holiday.
In spite of Friday’s gains, Brent was down about 8 per cent week-over-week, reflecting a significant easing of supply concerns in the wake of the US-Iran deal to end the war.
Gulf producers were preparing to raise exports after Israel and Hezbollah agreed to a ceasefire, which began on Friday.
Israel and Hezbollah agreed to halt fighting in southern Lebanon after days of escalating clashes threatened to derail the fragile US-Iran peace process, reducing the risk that the first major test of the agreement would turn into its first major failure.
At least four tankers carrying crude, oil products and liquefied petroleum gas (LNG) entered the Strait of Hormuz on Friday, heading for Iraqi Gulf ports. However, despite the uptick in activity, Iran signalled tighter control over shipping.
Iran’s Persian Gulf Strait Authority said “no vessel is permitted to pass through the Strait of Hormuz without a valid passage permit issued by the PGSA”.
Concerns also remain as a planned meeting between Iranian and American officials in Switzerland on Friday was postponed, with arrangements underway for talks in the coming days.
Iran’s Foreign Ministry said the meeting was no longer urgent because a memorandum of understanding on ending the war had already been signed digitally between the two sides.
Analysts expect the deal to release more than 85 million barrels of oil stranded in the Middle East Gulf into global markets. The agreement also includes the lifting of US sanctions on Iranian oil, which would add more supply.
However, recovery in flows of supply that transits Hormuz and production after the US-Iran deal could take several months.
On the demand front, the Organisation of the Petroleum Exporting Countries (OPEC) said in its 2026 World Oil Outlook that world demand will rise to 113.3 million barrels per day in 2030 from 105.1 million barrels per day in 2025.
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