By Innocent Chukwu
The Maritime Reporters Association of Nigeria(MARAN) is set to host a discussion panel on the impact of the China-Nigeria currency swap agreement on trade and on the nation’s maritime business domain. This is in line with the Association’s continuous efforts aimed at shaping discourses on government policies that have far-reaching impacts on the maritime industry.
The China-Nigeria currency swap initiative of the Federal Government has raised concerns within the maritime and shipping business sector which the upcoming roundtable discussion will seek to address. The event comes with a theme, “Navigating the Nigeria-Peoples Republic Of China Currency Swap: Opportunities and Challenges for Import, Export, and Maritime Business”, it will be held at Rockview Hotel in Apapa Lagos on April 15, 2025.
The currency swap deal is aimed at providing naira liquidity to Chinese businesses and yuan liquidity to Nigerian businesses, in order to reduce reliance on the dollar for bilateral trade.
By facilitating the direct exchange of the Chinese yuan and Nigerian naira, the agreement is poised to revolutionize trade dynamics between the two nations.
Known for its role in addressing key issues that affect Nigeria’s maritime sector, MARAN’s event will seek to bring together critical stakeholders and policymakers, government agencies, and industry leaders to examine the potential implications of this landmark agreement on the maritime industry.
President of MARAN, Godfrey Bivbiere said the importance of scrutinizing the currency swap deal, particularly given China’s status as Nigeria’s largest import partner, cannot be overemphasized.The renewal of the agreement which amounts to 15 billion Yuan ($2 billion), offers significant opportunities to reduce the impact of fluctuating dollar rates, which has long hindered the importation process in Nigeria.
According to MARAN President, “This deal is groundbreaking. It is expected to foster stronger trade relations, reduce transaction costs, and boost economic cooperation between Nigeria and China”.
The event will provide a platform for stakeholders to assess the agreement’s potential impacts on transaction costs, trade volume, and the operational dynamics of both importers and exporters. Participants at the event will also explore the broader effects on the maritime sector, which is intricately tied to international trade.
Among the anticipated participants are the Central Bank of Nigeria (CBN), the Nigeria-China Strategic Partnership (NCSP), the Chinese Embassy, Ministry of Finance, financial institutions, trade organizations, and various maritime operators.
According to Bivbere, the event will offer a deeper understanding of the currency swap deal’s potential, helping stakeholders better navigate changes in the international trade landscape. He also pointed out that Nigeria must continue to explore innovative economic strategies to reduce its reliance on the US dollar.
“Negotiating currency swap agreements with major economies, such as China, is a critical step toward safeguarding Nigeria’s economic stability,” he added.
The MARAN discussion has the objective to identify both the risks and opportunities presented by the growing influence of China’s economy in Nigeria. The outcomes will provide actionable recommendations for stakeholders in import, export, and maritime businesses, as well as a roadmap for strengthening collaboration to maximize trade benefits and foster economic growth.
Over the years, MARAN has earned a reputation for organizing events that address pressing issues in Nigeria’s maritime sector, with numerous influential figures participating in its discussions. The upcoming event is expected to continue this tradition, providing essential insights into the future of trade relations between Nigeria and China.
