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Maritime Agencies

MARAN Breakfast Meeting: Nigeria – China Currency Swap Deal Will Favour Trade, says CBN.

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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.

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Maritime Agencies

FRESH ARMS IMPORTATION : Customs Hits Criminal Networks Hard, Intercepts 204 Firearms Routed from Turkey.

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‎By Izuchukwu Ozoemena




‎Barely two weeks after the Comptroller-General of the Nigeria Customs Service unveiled 399 pump-action riffles seized by the Tincan Island Port Command, the Service, Monday, showcased another set of 204 firearms concealed in a 20-footer container said to originate from Turkey.

‎Announcing the latest seizure, Deputy Comptroller-General of Customs Timi Bomodi who stood in for the Comptroller-General, Dr Bashir Adewale Adeniyi said the latest seizure became  possible with a combination of credible intelligence, sustained surveillance and collaboration with other security agencies.

‎He told the press that the container numbered TEMU 184536/9 which arrived at the Tincan Island Port on August 16, 2026, aboard the vessel MV Algeciras Express was flagged for examination and subjected to a 100% physical inspection on August 18.

‎According to the DCG,  the firearm components were concealed among declared household and other goods, including furniture, refrigerators, solar panels and detergent.

‎Arising from  the discovery, the NCS Armament Unit worked jointly with experts from the National Centre for the Control of Small Arms and Light Weapons (NCCSALW), under the Office of the National Security Adviser, to assemble the knocked-down components.

‎The assemblage resulted in the recovery of 204 MAS 49 Alter Magnum pump-action rifles, alongside several leftover firearm components.

‎The recovered components included 54 barrels, 56 trigger groups, 56 springs, 56 pistol grips, 55 pistol grip screws, 58 locking lugs, 53 charging handles, 39 trigger pins, 38 forward grips, 67 forward-grip latches and two U-plates.

‎Speaking at the event, DCG Bomodi who heads the Enforcement, Investigation and Inspection Unit at the Customs Headquarters, reiterated that the seizure demonstrated the effectiveness of intelligence-led enforcement and inter-agency collaboration.

‎He added that the latest interception was another demonstration that the Customs Service is maintaining heightened surveillance against movement of illicit importation of firearms and other prohibited items through Nigeria’s ports and land borders.

‎The CGC’s representative warned smugglers, arms traffickers and their collaborators that the Customs Service was becoming increasingly difficult to circumvent, stressing that risk management, intelligence, profiling, technology and collaboration among security agencies were being deployed to frustrate illegal importation.

‎The Service , he explained, would not only focus on the physical seizure of prohibited items but would also pursue the criminal networks behind the consignments.

‎“Our objective is to expose the entire chain involved in the illicit movement of firearms from the source and shipment to the intended destination and beneficiaries,” he said.

‎He also urged members of the trading community, particularly clearing agents with information that could assist security agencies in identifying and apprehending persons involved in arms trafficking, to come forward and provide such information as a patriotic duty.

‎In his intervention,the Zonal Director, South-West Zone, National Centre for the Control of Small Arms and Light Weapons, CP Abiodun Alamutu (Rtd.), commended the Nigeria Customs Service for its vigilance and continued partnership with the Centre.

‎Alamutu noted that the successive interception of illicit firearms highlighted two critical realities: the determination of criminal elements to circumvent Nigeria’s security architecture and the increasing capacity of security agencies, particularly Customs, to frustrate such attempts.

‎He recalled that only a few weeks back, the Tincan Island Port Command had intercepted and handed over 399 pump-action rifles to the NCCSALW.

‎According to him, the repeated seizures demonstrated the need for sustained collaboration, effective information sharing and a unified commitment among security agencies.

‎He assured that the firearms being handed over would be properly registered, secured and managed in accordance with national procedures and international best practices.

‎Alamutu further pledged the Centre’s continued collaboration with the Customs Service and other sister security agencies to identify and dismantle the criminal networks responsible for the illicit trafficking of arms into Nigeria.

‎Earlier, the Customs Area Controller, TinCan Island Port Command, welcomed security agencies, senior officers and members of the media to the handover ceremony.

‎The Controller said the repeated seizures demonstrated that the command remained vigilant and would not become a weak link in the enforcement of import prohibitions, particularly those involving items capable of threatening national security.

‎He commended the Comptroller-General of Customs for his leadership and support, as well as the NCCSALW for cooperating to identify and assemble the intercepted firearm components.

‎The Customs Area Controller stressed that the exercise was not merely about the seizure of firearms but about protecting lives, safeguarding national security and ensuring that Nigeria’s seaports remain channels for legitimate trade and economic development rather than conduits for instruments of violence.

‎DCG Bomodi later handed over the seized firearms and other components to the  NCCSALW for further action as per the law.









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Maritime Agencies

NAGAFF Suspends Planned Strike As NPA, Maritime Police, DSS Resolve To End Container Blockage.

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Alhaji Ibrahim Tanko





‎By  Izuchukwu Ozoemena




‎Following the  adoption of three key resolutions aimed at addressing the controversial blockage of containers by the Maritime Police Command at Nigerian ports, the National Association of Government Approved Freight Forwarders (NAGAFF) has resolved to suspend her planned industrial action.

‎The resolutions followed a crucial meeting convened by the Nigerian Ports Authority (NPA) Thursday, with representatives of the Maritime Police Command, Department of State Services (DSS), NAGAFF and other relevant stakeholders in attendance to discuss freight forwarders’ long-standing concerns on the matter.

‎Alhaji Ibrahim Tanko, National Coordinator of the NAGAFF 100% Compliance Team, announced the strike suspension in Lagos Friday.

‎First among the key resolutions is that there should be no blockage of containers by the Maritime Police. The second agreement is that whenever the Maritime Police has a reasonable intel concerning any container in the port, this should be channelled to the Nigeria Customs Service, the appropriate agency statutorily empowered to handle such matters.
‎Thirdly, in line with continuing efforts to improve trade facilitation and ease of doing business, government agencies maintaining physical presence in the ports must not exceed five.

‎Alhaji Tanko explained that agencies such as the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC) would, under the new arrangement, show presence in the ports only when invited by relevant agencies to execute specialized interventions in line with their statutory mandate. This is to reduce unnecessary bureaucratic procedures and facilitate easy movement of cargo through the ports.

‎For customs-related issues, he informed, the meeting agreed that the Nigeria Customs Service (NCS) should take the lead, while suspected narcotics consignments should be referred to the National Drug Law Enforcement Agency (NDLEA).

‎NAGAFF’s intervention, Tanko clarified, was not aimed at undermining any government agency but to ensure that each agency operates within the sphere of its statutory responsibility while supporting the Federal Government’s ease-of-doing-business agenda.

‎Tanko who condemned the blockage of containers by the Maritime Police even when such consignments are cleared and released by the Customs said freight forwarders had become increasingly concerned about the delays and additional costs caused by the practice, particularly where containers are blocked without verifiable intel linking them to wrongdoing.

‎He recalled that NAGAFF had earlier engaged the AIG of the Maritime Police Command, AIG Okunade Ronke Nura on their concerns and the police boss promised to look into the matter.

‎He strongly condemned sweeping blocking of all containers  because one or two consignments are suspected to be laden with undeclared or prohibited goods.

‎“There is no way you can tell me all the ships and all the manifests are suspected to carry another thing. The whole container coming into the country cannot be under investigation,” he said.

‎He expressed confidence that reducing the number of agencies physically present at the ports, while allowing specialised agencies to intervene when necessary, would help reduce delays and improve the operating environment for importers, exporters and freight forwarders.

‎Tanko warned that from next week, NAGAFF would, through her compliance officers, begin monitoring compliance with the resolutions and any container blocked after the August 27 agreement would be treated as a fresh violation and reported to  relevant authorities.

‎“If there is any blockage before that day, they will unblock it. But if there is a blockage after yesterday, it is another issue on its own,” he disclosed.
‎Tanko also acknowledged that even though freight forwarders had previously directed some complaints to the Nigerian Shippers’ Council, the latest engagement had provided greater clarity on the appropriate channel for handling police-related container blockage.

‎NAGAFF, Tanko assured, would continue to engage relevant government agencies to ensure that diligent implementation of the  resolutions result to improved cargo clearance, reduce delays and avail a more efficient operating environment at Nigerian ports.












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Maritime Agencies

CVFF: Cargo Availability, Trade Contracts Should Determine Ship Acquisition.

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Capt Ladi Olubowale (right) in a handshake with Yinka Onigbinde, MARAN President.






‎By Izuchukwu Ozoemena




‎As the ongoing controversy on the Cabotage Vessel Financing Fund (CVFF) persists, an industry expert has canvassed that only guaranteed cargo and long-term trade contracts would guide shipowners to acquire appropriate vessels, generate revenue from their operations and repay the loan over time.

‎Capt Ladi Olubowale, foremost  ship owner and former chapter president of African Shipowners Association (ASA) stated this, Monday, while speaking as a guest at the Maritime Reporters Association of Nigeria (MARAN) Roundtable.  The success of the CVFF, he posited, should not be measured merely by the amount allocated to individual shipowners, but by the ability of beneficiaries to link vessel acquisition to viable commercial opportunities.

‎Capt Olubowale, the CEO, Seamate Maritime Integrated Services Ltd, said that a $25 million facility under the CVFF could be sufficient to acquire a sizeable vessel if the financing is tied to identifiable cargo and long-term trade contracts.

‎Shipping is all about practicality and  private sector must be in the frontline, not the government. People should be made to understand what it means to run the business of shipping. When the Minister travels, he must take along stakeholders who have the experience because shipping is a public sector-driven industry.

‎Olubowale recalled that the Nigerian Maritime Administration and Safety Agency (NIMASA) had taken a position that potential beneficiaries from the CVFF would be required to provide about $3.7 million in equity to access financing of up to $25 million, but stressed that the critical consideration should be the trade the vessel would serve.

‎Nigeria’s maritime industry, he explained, is like a loaded ship waiting for who can sail it to sea.

‎“NIMASA wants you to bring out $3.7 million in order for you to be able to attract $25 million. They will now look at it in your own case. What trade will you be using that for?” he asked.

‎Olubowale explained that the $25 million facility should not be considered in isolation as different categories of vessels are designed to serve specific cargo requirements.

‎He urged the government and industry stakeholders to first identify the volume and nature of cargo available in Nigeria and then match such cargo with the appropriate vessels before approving CVFF financing.

‎Citing dry cargo, cement and other commodities, he said each trade required vessels specifically suited to its operational needs, warning against financing vessel acquisition without first establishing the commercial demand that would sustain the investment.

‎The shipowner said a properly structured $25 million facility could enable an operator to acquire a vessel dedicated to a specific trade, particularly where a one- or two-year contract guaranteeing cargo is already in place.

‎He noted that revenue generated from such contracts could be used to service and repay the financing, thereby making the vessel commercially viable and reducing the risk associated with ship acquisition.

‎Olubowale further called for the CVFF to be deployed as part of a broader national fleet development strategy rather than being treated solely as a financing scheme for individual shipowners.

‎According to him, with an estimated $700 million currently available in the fund, Nigeria could develop a national fleet covering various cargo segments if the resources were strategically deployed with the guidance of experienced industry professionals.

‎“Most of this shipping does not require a big capital. It requires you have a 10 per cent deposit as long as you trade to cover up that money,” he said.

‎He argued that guaranteed trade would significantly improve the viability of CVFF-backed vessel acquisition and provide a clear repayment structure for lenders.

‎Olubowale also disclosed that several banks had approached his company regarding the CVFF, with some presenting term sheets detailing financing requirements, equity contributions and other conditions.

‎He said the development represented a significant shift from previous years when shipowners frequently complained about the prolonged process of accessing the fund.

‎The shipowner maintained that the priority should now be to ensure that the CVFF delivers measurable economic benefits by expanding Nigeria’s indigenous fleet, creating opportunities for local shipowners and enabling Nigerian operators to capture a greater share of the country’s maritime trade.

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