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Stakeholders at MARAN Breakfast meeting: L-R; Mr Lucky Amiwero, Dr Mubarak Ibrahim Mahmoud, Dr Kayode Farinto, Dr Emeka Akabogu esq, Mr Godfrey Bivbere, Mrs CFO Ezenwa, Aare Hakeem Olanrewaju, representatives of Central Bank, Mr Anthony Ogufere, and Martins Olajide from Nigeria-China Strategic Partnership
By DAPO OLAWUNI
The Central Bank of Nigeria (CBN) has called on stakeholders in the Nigerian maritime industry to proactively leverage the opportunities presented by the Nigeria-China currency swap agreement, particularly in areas such as vessel financing and the development of port infrastructure.
Speaking at the Maritime Reporters’ Association of Nigeria’s (MARAN) breakfast meeting in Lagos, Anthony Ogufere, Special Adviser on Finance and Strategy to the CBN Governor, Mr. Olayemi Cardoso, delivered a keynote address emphasizing the strategic advantages the bilateral currency swap offers to the maritime sector.
Ogufere, representing the CBN Governor, highlighted the potential for Nigerian maritime businesses, including shipping companies, fishing fleets, and offshore service providers, to utilize the swap to finance or purchase vessels and equipment from China, a global leader in shipbuilding, on potentially more favorable terms. He noted that China’s export finance programs for vessel sales, coupled with the currency swap, could provide a significant boost to the Nigerian fleet.
Furthermore, the CBN urged stakeholders to explore how the currency swap could encourage increased Chinese investment and partnerships in the development and modernization of Nigeria’s port infrastructure.
Ogufere pointed to the success of the Lekki Deep Sea Port, a project under China’s Belt and Road Initiative with substantial Chinese investment and ownership, as a testament to the attractiveness of Nigeria’s maritime sector to Chinese developers and financiers. The currency swap, by simplifying transaction settlements, could further incentivize such investments.
The CBN also emphasized the broader benefits of the currency swap for the maritime industry, including the ease of settling transactions in local currencies, which would provide financial predictability and stability for shipping and logistics companies.
The elimination of third-party currency conversion is also expected to significantly lower transaction costs across the trade value chain, making Nigerian maritime businesses more competitive.
Additionally, the simplified settlement process is anticipated to streamline port activities, expedite customs clearance, and improve the availability of trade finance instruments.
Also speaking at the event, Mr. Martins Olajide, a representative of the Nigeria-China Strategic Partnership, presented a paper that 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 said.
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.
The MARAN breakfast meeting drew large participation from top maritime industry stakeholders including Chief Executive Officer of Lelook Bags, Mrs Ezenwa, Vice President of Association of Nigerian Licensed Customs Agents (ANLCA) Prince Segun Oduntan, Dr Emeka Akabogu,Founder of Bomarah Foundation, Hajia Bola Muse and Dr Kayode Farinto.
Others are; Mr Celestine Akujobi the Director of Consumer Affairs of Nigerian Shippers Council, Dr Mubarak Ibrahim Mahmoud of the Importers Association of Nigeria (IMAN) and the Nigerian Ports Authority (NPA) represented by Mr Adebowale, Lagos Ports Manager. Representatives from Africa Professional Freight Forwarders and Logistics of Nigeria (APFFLON) and the National Council of Managing Directors of Licensed Customs Agents, led by its President, Mr Lucky Amiwero.
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