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.

By Izuchukwu Ozoemena

The much-publicized Nigeria- China Currency Swap Deal Breakfast Meeting on the theme “Navigating the Nigeria-Peoples Republic Of China Currency Swap: Opportunities and Challenges for Import, Export and Maritime Business” takes place

on Tuesday, April 15, 2025 by 10 at the Rockview Hotel, Apapa, Lagos.

In a reminder by the Maritime Reporters Association of Nigeria (MARAN), the host, its

President, Mr. Godfrey Bivbere, said the event will attract participants from the government and private sector as well as the Chinese Embassy in Nigeria.

Also, the Nigeria-China Strategic Partnership, importers, exporters, maritime operators and trade organizations have signified readiness to attend.

Mr Bivbere said that MARAN is hosting the Breakfast Meeting in fulfillment of her role as a watch- dog in the maritime sector and to ensure that Nigerian businessmen take full advantage of the matter to be discussed.

The Nigeria-China currency swap aims to facilitate bilateral trade by providing Naira liquidity to Chinese businesses and Yuan liquidity to Nigerian businesses, thereby reducing reliance on foreign currencies for transactions.

The meeting, Mr Bivbere said, would provide a platform for critical stakeholders in the import and export sectors, policymakers, and government to examine the implications of the currency swap deal, especially in the face of the fluctuating value of the US dollar and its impact on imports.

It will foster better understanding of the currency swap deal and its impact on stakeholders involved in import, export and maritime businesses.

Meanwhile, the Central Bank of Nigeria and the Federal Ministry of Finance and the Chinese Embassy have confirmed they will attend.

Aare Hakeem Olanrewaju, event Chairman and Chairman of the Customs Consultative Council, the Association of Nigerian Licensed Customs Agents (ANLCA), and other major stakeholders have also confirmed they are set to attend.

The breakfast meeting promises to provide the necessary insights for stakeholders to navigate the opportunities and perceived challenges in the currency swap deal.