By Izuchukwu Ozoemena

Private businessmen and corporate investors have been urged to show more than a passing interest and seize opportunities Nigeria’s Marine and Blue Economy sector offers.

Dr Dayo Mobereola, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) made the call at the 36th Enugu International Trade Fair, says a release by Edward Osagie, the agency’s image maker.

The DG who was represented by Mr Umar Mohammed, the Deputy Director in the Planning, Research and Data Management Service Department, highlighted that NIMASA was committed to implement the Renewed Hope Agenda of the Federal Government. He emphasized the need for inclusive economic growth through indigenous participation in domestic and international shipping.

“To unlock the full potential of our maritime economy, NIMASA is pursuing an integrated development strategy that will support indigenous operators in ship acquisition, establish a National Carrier Line, and create maritime training institutions for world-class seafarers”, Dr Mobereola stated.

The agency, he added, is also implementing a Public Sector Cargo Support Programme aimed at creating a captive freight market for local carriers and reducing the dominance of foreign shipping lines in Nigeria’s seaborne trade.

He said the agency’s strategic initiatives are being driven through public-private partnerships to ensure sustainability and long-term impact.

“Therefore, we are inviting investors and entrepreneurs to collaborate with us in developing a robust and competitive maritime sector that will create jobs and boost the national economy”, he added.

The NIMASA DG expressed appreciation to the Governor of Enugu State, Dr. Peter Ndubuisi Mbah, and the leadership of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) for hosting the trade fair, which he described as a vital platform for business networking and investment drive.

As part of the mandate to regulate maritime activities and ensure sustainable use of ocean resources,

NIMASA plays a key role in promoting the Blue Economy in Nigeria with its promotional responsibilities.

By Izuchukwu Ozoemena

The Central Bank of Nigeria (CBN) says a Nigeria-China currency swap deal has the potential to impact on Nigeria’s maritime industry by reducing shipping costs, enhancing trade efficiency, and easing foreign exchange pressure.

CBN Governor, Mr. Olayemi Cardoso, stated this in Lagos, Tuesday, while speaking at a stakeholders’ breakfast meeting organized by the Maritime Reporters’ Association of Nigeria (MARAN).

He explained that the agreement originally signed in 2018 and renewed in December 2024 enables Nigerian and Chinese businesses to conduct trade directly in Naira and Yuan (the Chinese currency), thus, bypassing the U.S. dollar.

Cardoso who was represented by Anthony Ogufere, the Special Adviser on Finance and Strategy, stated: “The swap agreement simplifies the settlement of trade transactions in local currencies and reduces the pressure on Nigeria’s dollar reserves. This, in turn, lowers the cost of doing business and enhances the competitiveness of Nigerian trade.”

The CBN Governor informed that by the end of 2024, China had become Nigeria’s largest trading partner, accounting for about 35% of total imports and reaching a trade volume of $11.58 billion. He added that the maritime sector, which handles the majority of Nigeria’s import and export activities, stands to benefit immensely through faster port clearance, improved trade finance instruments, and direct shipping links such as the Lekki Deep Sea Port—a Chinese-backed infrastructure project under the Belt and Road Initiative.

The CBN Governor, however, acknowledged that several challenges still hinder the full potential of the currency swap framework. Chief among them is Nigeria’s significant trade imbalance with China and the limited adoption of yuan-denominated transactions by Nigerian businesses. He called for greater sensitization, policy coordination, and efforts to expand non-oil exports to China.

Also speaking at the event, Mr. Martins Olajide, a representative of the Nigeria-China Strategic Partnership, offered a more cautious outlook. He noted that while the swap deal provides short-term relief and smoother trade operations, it is not a sustainable solution to the naira’s persistent depreciation.

Describing the swap arrangement as “swapization,” Olajide warned that Nigeria’s economic vulnerability and dependence on imports—especially from China—undermines the true impact of the agreement. He emphasized the need for structural reforms, particularly in industrialization, value addition, and local production.

“Without these changes, the swap deal may only reinforce economic dependence on China without solving the underlying issues,” he warned.

In his opening remarks, the Chairman of the event and Chairman of the Customs Consultative Council (CCC), Aare Akeem Olarenwaju, decried the volatility of the naira-dollar exchange rate as a major cause of the skyrocketing cost of goods in Nigeria. He called for greater public awareness of alternative currency options like the Chinese yuan.

“You can’t determine the price of goods within a few hours due to constant exchange rate changes. Today it’s ₦1,600 to a dollar, and in the next few hours, it could be ₦1,700 or ₦1,500. It’s the common people who suffer the most,” Olarenwaju lamented.

He commended the organizers for opening up conversations around trade, currency, and maritime development, urging media professionals to help educate the public on alternatives that could reduce the nation’s dependence on the U.S. dollar.

Earlier in his welcome address, MARAN President, Mr. Godfrey Bivbere, reaffirmed the association’s commitment to promoting dialogue on key economic issues. While acknowledging the swap deal’s promise in reducing transaction costs and enhancing trade efficiency, Bivbere stressed the need for a balanced discourse.

“We are not only here to applaud progress but also to interrogate policy. We must understand both the positive impact and the underlying risks associated with China’s expanding economic footprint in Nigeria,” he said.

Bivbere urged stakeholders across the maritime, trade, and financial sectors to approach the Nigeria-China currency swap with critical insight, noting that sustainable benefits would only come through policies that protect national economic interests while encouraging growth and competitiveness.

By Izuchukwu Ozoemena

The Tin Can Island Port Command of the Nigeria Customs Service, in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), last Friday, hosted a training lecture on Transparency and Accountability in Public Service.

The session which had in attendance officers from various units, as well as representatives from the ICPC and the Anti-Corruption and Transparency Unit (ACTU) offered an opportunity for the Customs Area Controller,

Comptroller Frank Onyeka, to acknowledge and appreciate the vital role of ICPC and ACTU in promoting transparency.

According to him, the Nigeria Customs Service has in place robust mechanisms to detect and discipline corrupt officers. “Discipline, transparency, and accountability are non-negotiable values in our operations,” he remarked.

The session was introduced by Assistant Comptroller Owoniyi, Coordinator of ACTU in Customs Zone A, who gave a brief preamble and reaffirmed the unit’s dedication to building an ethical culture within the Service.

Mrs. Mary Omonoyan, Guest Speaker from ICPC’s Department of Public Enlightenment and Education, delivered a compelling lecture on the necessity of transparency and accountability in public offices. She emphasised that public trust is built on openness, and that ethical behaviour is key to efficient governance.

Also speaking at the event, the Deputy Director in charge of operations in the Lagos office of ICPC, Dr. Florence Bari addressed the far-reaching effects of corruption in the public sector, with particular focus on lateness to duty and unethical practices in public procurement. She urged officers to serve with integrity, stressing that corruption undermines public service delivery and weakens institutional credibility.

The lecture concluded with an interactive session, encouraging officers to share ideas and strategies for strengthening transparency within their departments.

This initiative reflects the shared commitment of Tin Can Island Port Command and ICPC to entrench accountability and ethical standards in public service.