Maritime Agencies
MARAN Breakfast Meeting: Nigeria – China Currency Swap Deal Will Favour Trade, says CBN.
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.
Maritime Agencies
ILLEGAL WILDLIFE TRAFFICKING: Seme Border Customs Nabs Traffickers of Lion Cubs, Patas Monkeys.
By Izuchukwu Ozoemena
In continuation of the campaign against illegal trafficking of wild life and endangered animal species, the Seme Area Command of the Nigeria Customs Service has intercepted a consignment of endangered wildlife species, including one lion cub and two patas monkeys. This followed a stop-and-search operation along the Badagry–Seme Expressway.
A statement issued by the Command’s Public Relations Officer, Chief Superintendent of Customs Isah Sulaiman says the interception occurred at about 2:19 a.m. on Sunday, November 16, 2025, when operatives stopped a blue Mazda vehicle with registration number MUS 743 HA at Gbaji.
Upon inspection, officers discovered the animals whose cross-border transportation was a clear violation of national and international wildlife protection laws.
Two suspects — Mathew Kofi, a Beninoise national and Nasiru Usman Gwandu, a Nigerian — claimed ownership of the animals and admitted to purchasing them in Kano with the intention of conveying them to Benin Republic.
The Command immediately confiscated the animals in line with Nigeria’s obligations under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).
The suspects were detained for further investigation to determine their level of involvement in wildlife trafficking.
Formally handing over the lion cub and monkeys to the Greenfingers Wildlife Initiative for proper handling, the Customs Area Controller , Comptroller Wale Adenuga, represented by Deputy Comptroller A.Y.Mohammed, reaffirmed the Command’s commitment to enforcing wildlife protection laws, environmental conservation and border security.
“We will continue to work with relevant agencies to ensure that the illegal trade in endangered species is decisively curtailed,” he stated.
He said the interception underscores Nigeria Customs’ growing role in combating wildlife trafficking and protecting biodiversity, while reinforcing the country’s compliance with international conservation standards.
By Izuchukwu Ozoemena
The Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, has been unveiled as the Special Guest of Honour for the official launch of the Maritime Reporters Association of Nigeria’s (MARAN) latest publication, “50 Drivers of Nigeria’s Marine and Blue Economy.”
The high-profile event is scheduled for Thursday, December 4th, 2025, at Providence Hotel, Ikeja GRA, Lagos by 12noon.
According to a statement by the MARAN President, Mr. Godfrey Bivbere, the ceremony will be chaired by former Nigerian Minister of Interior and Chairman of Integrated Oil and Gas, Capt. Emmanuel Iheanacho.
Bivbere noted that the presence of these eminent personalities underscores the book’s relevance to Nigeria’s evolving maritime landscape, particularly as the nation intensifies efforts toward repositioning its marine and blue economy for sustainable growth.
He described the forthcoming book as a “comprehensive compendium” that documents the individuals, agencies, and organisations shaping Nigeria’s maritime transformation.
His words: “This indispensable volume educates industry professionals on the profound history and current opportunities within the sector, spotlighting the people and institutions whose contributions continue to drive national development.
”With the book, readers can discover how the blue economy’s past is paving the way for a promising future.”
The MARAN President explained that the publication is the product of months of rigorous research and editorial work aimed at capturing the achievements and innovations of the 50 most influential drivers in the sector.
He added that the December 4 launch is expected to attract top government functionaries, regulators, shipowners, freight forwarders, terminal operators, scholars, and investors, making it one of the most anticipated gatherings of maritime leaders in recent years.
Bivbere assured that arrangements are in top gear to deliver a befitting event that celebrates excellence, professionalism, and service to the nation’s maritime advancement.
By Izuchukwu Ozoemena
In pursuit of her determination to maintain an enviable record of a major revenue earner for the Federal Government, the The Tincan Island Port Command of the Nigeria Customs Service realized a total of N154.3billion last October.
The Command which has continued to witness focused leadership has also experienced sterling performances in other areas of operations following the introduction of B’Odogwu,the Unified Customs Management System software platform.
According to a release by Chief Superintendent of Customs Oscar Ivara, the Command image maker, the October record shows the second highest revenue generation in a couple of months.
It is recalled that in August when the Command recorded its highest revenue generation so far, the Customs Area Controller, Comptroller Onyeka said the revenue breakthrough was attributable to the successful deployment of the indigenous B’Odogwu trade platform, a homegrown initiative which has “significantly improved trade facilitation and enhanced revenue performance.”
In August, the Command realized a total of ₦159 billion, an achievement for which officers and men earned special commendation from the CAC. He also gave kudos to stakeholders for displaying heightened commitment in efforts to keep the Command on top of her game.
He also commended the Comptroller-General of Customs, Dr Adewale Adeniyi, for his massive encouragement and recognition of the efforts of the Command.
The Tin Can Island Port Command has fully keyed into the policy of collaboration, consolidation and innovation as espoused by the CGC and this has been a driving force in the activities of the Command this year.
ILLEGAL WILDLIFE TRAFFICKING: Seme Border Customs Nabs Traffickers of Lion Cubs, Patas Monkeys.
Oyetola, Iheanacho, To Lead Maritime Stakeholders To Launch MARAN’s New Book
IMPRESSIVE REVENUE DRIVE: Tincan Customs Generates ₦154.3Bn In October.
MAN, ORON: Minister, Governing Council, Celebrate Management and Cadets At 2025 Graduation Event
MAN: Only A NASS Review Can Convert It To A Conventional University, Governing Council Warns.
MAN, ORON, Charges Graduating Cadets To Uphold Academy’s Core Values.
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MARAN Launches Major Industry Publication In December
PTML Customs Intercepts 1000kg of Cocaine In Empty Container
Apapa Customs Unveils ECTS To Deepen Trade Facilitation, Boost Revenue And National Security.I
BADAGRY: Customs Broker Deplores Role of Unapproved Checkpoints As Baggage Maritime Magazine Celebrates
OCTOBER REVENUE: Apapa Customs Breaks Record, Nets 304Bn In A Month
OTC 2026: Tantita Secures Approval for Lecture on Drone Security
Stakeholders Cry Out, Seek FG’s Intervention To Avoid a Return of Apapa Gridlock.
CILT Honours Dr Okonna, MAN Oron Acting Rector, with Outstanding Leadership and Service Excellence Award
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APFFLON Seeks Immediate Reform of CRFFN, Replacement of Registrar.
1. EXECUTIVE PLATFORM. AMES 2024: TIME TO CHANGE GOVERNMENT ATTITUDE TOWARDS SHIPPING DEVELOPMENT IS NOW, AMES President Charges FG.
2023 ELECTIONS：CILT Hosts Seminar on Logistics & Electoral Process
OMIS AWARDS, 2022: Greg Ogbeifun, Industry Gurus For Special Recognition.
FG Set To Re-establish National Shipping Line, To Take Advantage of $10 bn Annual Ship Charter Market.
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B’ODOGWU TRADE PORTAL: Customs Consolidates, Pilots Form ‘M’ Processing.
WAR AGAINST OIL THEFT: Tompolo’s Company Nabs VLCC Laden With Crude Oil
Lilypond Export Command Is Meeting Expectations, Handles 70% of Nigeria’s Total Tonnage of Export Cargo, says CAC Odusanya.
Sylvanus Ekpo, ex-Editor, Shipping World Magazine, loses Mum
BENIN SEAPORT UPDATE: Edo State Government, Host Communities, Conduct Bidders To Inspect Project Site.
SIFAX GROUP: Ojeniyi Becomes Sky Capital GMD, Omajuwa Strategy Director.
MAN, Oron, Kick-starts Simulator-based Training, Commends FG, NIMASA.
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Maritime Agencies3 weeks agoBADAGRY: Customs Broker Deplores Role of Unapproved Checkpoints As Baggage Maritime Magazine Celebrates
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Maritime Agencies2 weeks agoPTML Customs Intercepts 1000kg of Cocaine In Empty Container
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Maritime Agencies2 weeks agoApapa Customs Unveils ECTS To Deepen Trade Facilitation, Boost Revenue And National Security.I
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Maritime Agencies3 weeks agoOCTOBER REVENUE: Apapa Customs Breaks Record, Nets 304Bn In A Month
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