NEWS 101

Lod Onyeji The Nigerian Comptroller General of Customs, Dr. Bashir Adewale Adeniyi, has commissioned the Lagos Free Zone's "Green Channel," a customs-approved logistics corridor designed to fast-track cargo movement and enhance trade facilitation. The initiative is expected to reduce cargo clearance time, lower logistics costs, and increase revenue generation. Empirical evidence from advanced countries suggests that similar projects have significantly boosted trade facilitation and economic growth. For instance, Singapore's Free Trade Zones have contributed to the country's status as a global trade hub, with the Port of Singapore handling over 37 million TEUs (twenty-foot equivalent units) of cargo in 2020 alone ( Maritime and Port Authority of Singapore, 2021). Similarly, the Dubai Free Zone in the UAE has attracted over 1,500 international companies, generating over $100 billion in trade value in 2020 (Dubai Free Zones, 2021). The Green Channel at Lagos Free Zon...