By Godwin Oritse & Efe Onodjae

There are indications of festering disagreements over the implementation of the National Single Window (NSW), a centralized digital portal launched by the Federal Government in March this year to address delays in import-export processing at the ports.

It allows importers and exporters to submit trade documents once, replacing duplicate paperwork across multiple agencies.

President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, told Vanguard that the system is not operating as envisaged, urging the government to hand over the implementation to the Nigeria Customs Service (NCS).

But Customs itself is saying there is no problem with the system presently, adding that it has recorded some early successes.

However, Amiwero said the current arrangement has failed to simplify trade documentation and cargo clearance, contrary to the objectives of a Single Window system.

“Instead of a single window, what we have are multiple windows that are complicating the process for importers and clearing agents,” he said.

He dismissed reports that the project had entered a second phase, insisting that challenges identified during the initial phase remained unresolved.

According to him, the NCS has the legal mandate, operational platform and technical expertise required to implement the project under the Customs Act.

Amiwero also disagreed with the plans for electronic transmission of cargo manifests outside the Customs framework, insisting that manifest administration is a statutory responsibility of the NCS.

He urged the government to harmonise all trade documentation on a single Customs platform instead of creating multiple systems that duplicate functions.

The freight forwarder further expressed concern over persistent cargo clearance delays, saying they continue to increase demurrage and other port charges borne by importers.

Meanwhile, the NCS has said that the NSW platform has enhanced trade facilitation, improved efficiency in goods clearing and Nigeria’s competitiveness in international trade.

Also the Customs, in collaboration with the National Single Window (NSW) Secretariat, has commenced stakeholder sensitisation on submission of electronic vessel manifest as implementation of the next phase of the NSW gathers momentum.

Addressing the stakeholders, Deputy Comptroller-General in charge of ICT/Modernisation, Oluyomi Adebakin, said the exercise builds on consultations held before and after the launch of Phase One of the NSW on March 27, 2026.

She described the NSW platform as a globally accepted trade facilitation tool that would improve efficiency, transparency and Nigeria’s competitiveness in international trade.

“Since the introduction of the National Single Window, the country has begun to experience its benefits. Nigeria’s standing in international trade is improving,” she said. Adebakin stressed that electronic manifest submission would not alter Customs’ statutory responsibilities but would simply provide a faster and more transparent method of processing documents.

She added that the platform would enhance trade facilitation, improve data integrity and strengthen anti-smuggling efforts.

National Coordinator of the National Single Window Project, Tola Fakolade, commended the NCS for supporting implementation of the initiative.

He disclosed that the platform has so far issued over 100,000 licences and permits while registering more than 1,000 users, describing the progress as a significant milestone in Nigeria’s trade modernisation programme.

By Elizabeth Adegbesan

Firms are expecting borrowing cost for banks’ loans to decline in the next three months deapite seeing rates elevated in July.

This was contained in the Central Bank of Nigeria’s, CBN, latest Business Expectation Survey Report.

CBN said: “Respondents expect borrowing rates to remain elevated across the same periods, as indicated by the consistently positive borrowing rate indices.

“The relatively stable indices, fluctuating around 18-19 points, suggest expectations of a marginal decrease in borrowing costs over the near – to medium term.”

The survey report also showed that the Business Confidence Index was 5.7 points, reflecting continued optimistic sentiment among formal businesses on the macro economy.

According to CBN, Respondents’ positive sentiment on macro economy was largely underpinned by increased demand (22.3  percent ), economic diversification (21.4 percent) and access to finance (15 percent ), while more guarded views were primarily driven by inflation (27.7 percent), insecurity (22.4 percent) ongoing energy-related challenges (23.4 percent) and elevated geopolitical uncertainties (16.5 percent).

The outlook over the next six months, CBN maintained remains strong, with confidence indices in all sectors reflecting positive sentiment over the review periods.

During the review period, businesses identified high/multiple taxation (70.8), insecurity (69.7) and high interest rate (66.3) as the top three business constraints.

These were followed by unfavourable political climate (62.2) and high bank charges (62.0).

But competition (61.1) and unclear Economic Laws (58.4) ranked lower but remain significant.

CBN noted that at the bottom of the top ten constraints were financial constraints (56.6) and poor infrastructure (55.1) reflecting relatively lower, though still significant factors.

On expansion outlook, the electricity, water and gas sector posted the highest expansion outlook at 85.7 index points. 

Nonetheless, employment expectations in August 2026 were mostly cautious across sectors, with the Mining & Quarrying sector having the most optimistic hiring outlook.

By Rosemary Iwunze

Mutual Benefits Assurance Plc and Mutual Benefits Life Assurance Ltd have achieved another significant regulatory milestone following their inclusion among the 43 insurance and reinsurance companies that successfully met the National Insurance Commission (NAICOM)’s prescribed Minimum Capital Requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The announcement, made by NAICOM following the twelve-month insurance sector recapitalisation deadline of July 31,2026, marks a defining moment in the transformation of Nigeria’s insurance industry. It signals the emergence of a stronger, more resilient, adequately capitalised, professionally governed and policyholder-focused insurance sector that is better positioned to support national economic growth, deepen financial inclusion, mobilise long-term investment capital and contribute meaningfully to the stability of Nigeria’s financial system.

The successful compliance of Mutual Benefits Assurance Plc and Mutual Benefits Life Assurance Ltd reflects the Group’s strong financial fundamentals, prudent corporate governance, sound risk management practices and unwavering commitment to delivering lasting value to policyholders, shareholders and other stakeholders.

Commenting on the achievement, the Group Managing Director of Mutual Benefits Assurance Plc, Mr. Olufemi Asenuga, described the announcement as a defining moment for the company and the Nigerian insurance industry.

“Successfully meeting NAICOM’s recapitalisation requirements is a clear demonstration of our financial resilience, strategic foresight and commitment to sustainable growth. This milestone strengthens our capacity to underwrite larger and more complex risks, accelerate innovation and deepen customer confidence. As the insurance industry enters this new era, Mutual Benefits Assurance Plc is exceptionally well positioned to deliver greater value to our customers, shareholders and the Nigerian economy.”

While commending NAICOM for its visionary leadership and unwavering commitment to strengthening Nigeria’s insurance industry through the successful recapitalisation exercise, Asenuga expressed profound appreciation to the Board of Directors, shareholders, customers, brokers, employees and all other stakeholders of Mutual Benefits for their steadfast trust, loyalty and support. He noted that this landmark achievement would not have been possible without their collective belief and commitment to the Mutual Benefits vision.

He reaffirmed the Group’s commitment to delivering innovative insurance solutions, superior customer service, digital transformation, sound corporate governance and sustainable value creation, while continuing to contribute meaningfully to the growth and development of Nigeria’s insurance industry.

Also speaking on the milestone, the Managing Director of Mutual Benefits Life Assurance Ltd, Mr. Biyi Ashiru-Mobolaji, noted that the successful recapitalisation further reinforces the company’s ability to provide long-term financial security to millions of Nigerians.

“This achievement goes beyond meeting a regulatory requirement. It is a reaffirmation of our enduring promise to policyholders. Our strengthened capital base enhances our ability to honour our commitments, develop innovative life insurance and wealth creation solutions and support individuals and families as they plan confidently for the future. We remain committed to protecting lives, preserving legacies and creating lasting financial security for generations.”

With both companies successfully meeting the new capital requirements, the Mutual Benefits Group is well positioned to contribute to the next phase of growth in Nigeria’s insurance industry, while supporting national aspirations for greater financial inclusion and economic development.

The Group remains focused on expanding insurance access, investing in technology-driven customer experiences, strengthening operational excellence and delivering sustainable value to all stakeholders.

Mutual Benefits Assurance Plc is one of Nigeria’s foremost insurance companies, providing innovative General insurance solutions that protect individuals, families, businesses and institutions. With a legacy of excellence spanning three decades, the company continues to deliver financial security through innovation, professionalism and exceptional customer service.

On its part, Mutual Benefits Life Assurance Ltd is a leading provider of life insurance, savings, investment and retirement solutions dedicated to helping individuals and families achieve long-term financial security through customer-centric and innovative insurance offerings.

The recapitalisation exercise by NAICOM was undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on July 31, 2025, by President Bola Ahmed Tinubu as part of the Federal Government’s financial sector transformation agenda aimed at building a US$1 trillion economy by 2030.