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.
By Izuchukwu Ozoemena
The Nigeria Association of Women in Journalism (NAWOJ), Lagos Chapter has honoured veteran journalist, Hajia Hadiza Omowole, as Iconic Woman of the month for November.
This is contained in a release in Lagos jointly signed by Mrs Jumoke Falayi-Johnson and Mrs Anu Thomas, NAWOJ Chairperson and Secretary respectively.
Falayi-Johnson described Omowole as a true beacon of excellence, resilience and compassionate leadership, noting her selfless dedication to mentoring young journalists, empowering grassroots women and advocating gender equity..
Omowole’s tenacity, she stated, dedication to service and visionary leadership beautify the world. She described her as Mother-General whose pioneering spirit leaves indelible mark on journalism profession and society generally.
”Omowole holds Bachelor’s degree in Sociology and Anthropology from University of Benin and Master’s in Media, Culture and Technology from University of Bedfordshire, UK, spanning over three-decade distinguished journalism career.
”The veteran journalist joined News Agency of Nigeria in 1992, rising steadily through editorial ranks serving as Senior Editor, Deputy Editor-in-Chief and now Managing Editor and Head of Lagos Operations,” Falayi-Johnson said.
She noted that beyond editorial leadership, Omowole served two historic terms as National President of NAWOJ from 2014 to 2020, becoming first president re-elected, championing welfare and advancement of women journalists nationwide.
Through community specialist work, counselling and initiatives supporting rural and needy women, Omowole continues to serve as an inspiring pillar of guidance for the association and media industry.
The entire NAWOJ Lagos family celebrates Omowole’s unwavering commitment, pioneering spirit and incredible service to humanity, collectively wishing her more success in journalism, leadership and humanitarian endeavours ahead.
Omowole remained actively involved in institutional engagement, public communication, youth development and advocacy for health, child development and gender equality across Nigeria.
In her remarks, NAWOJ Lagos Secretary, Mrs Anu Thomas, noted that the association proudly recognised outstanding contributions of Omowole to journalism, women empowerment and leadership development in Nigerian media landscape.
Falayi-Johnson reiterated association’s pride in celebrating Omowole, describing her enduring legacy as an inspiration for upcoming female journalists and a testament to excellence in media leadership nationwide.
Maritime Agencies
Customs FOU Zone ‘A’ Hits Smugglers Hard, Confiscates 23, 220 Matchettes, Other Contrabands Worth over N6.19bn.
By Izuchukwu Ozoemena
Acting Controller, Federal Operations Unit Zone ‘A’ of the Nigeria Customs Service, Deputy Comptroller O.O.Afeni has extolled the importance of intelligence-driven enforcement, improved surveillance, risk-based examination, stricter compliance checks and stronger collaboration with relevant government agencies in anti-smuggling operations.
Deputy Comptroller Afeni stated this in Lagos, Tuesday, during his maiden press engagement since assumption of duty.
Between September 30 and November 3, he announced, the Unit recovered ₦683.66 million following enhanced compliance checks, stricter scrutiny of import declarations, correction of under-valuations and issuance of demand notices.
195 smuggling attempts involving prohibited and restricted goods with a Duty Paid Value (DPV) of ₦6.19 billion, he explained, were foiled following four weeks of intensified enforcement operations
Seizures made, he stated, included 5,986 parcels of Cannabis sativa and indica weighing 3,407.83 kilogrammes, 3,028 bags of imported rice weighing 50 kilogrammes each, 995 bags of 25 kilogrammes, 104 bags of 20 kilogrammes and 207 bags of five kilogrammes.
Others were 6,949 cartons of spaghetti, 459 bales and 39 jumbo sacks of second-hand clothing, 23,220 pieces of new matchets, 1,236 used tyres, 21 foreign-used vehicles and 1,250 cartridges of Red Star 12-calibre ammunition.
Other seized items included 57 cartons, 37 packs and six pieces of codeine syrup; 400 grammes of cocaine; 100 grammes of methamphetamine; 250 cartons of Lotus sardines without NAFDAC numbers; 173 cartons of imported frozen poultry products; and 8,025 litres of Premium Motor Spirit (PMS).
Additional interceptions comprised 101 bags of imported sugar weighing 50 kilogrammes each, 12 bags of Grain Oat products weighing 25 kilogrammes each, eight bags of imported creamer powdered milk weighing 25 kilogrammes each, eight live pangolins, 20 cartons of couscous, 33 used rims and one 40-foot container, number SEG U5347239, containing 2,760 pieces of office chairs in Completely Knocked Down (CKD) form.
Eleven means of conveyance were also intercepted.
Deploring the quantum of narcotics intercepted and the risk on public health, Afeni cited the United Nations Office on Drugs and Crime (UNODC) World Drug Report 2025 which identified cannabis as the most available and widely used drug which accounts for an estimated 42 per cent of drug use disorder cases worldwide.
He said the interception had helped prevent the circulation of dangerous substances and their associated social and health consequences.
He gave kudos to the NDLEA, Police, Nigeria Immigration Service, the Army, DSS, NAFDAC, NESREA and other sister agencies for their collaboration.
Afeni assured compliant importers, licensed customs agents and other members of the trading public that the Unit would facilitate legitimate trade but would not tolerate duty evasion, false declarations or activities that threaten national security.
He commended the Customs Comptroller-General, Bashir Adewale Adeniyi, and the NCS management for the confidence reposed in him, while praising officers of the Unit for their courage, professionalism and commitment to duty.
Members of the public, he requested, owe Nigeria a duty to report suspicious activities and support lawful trade even as he warned smugglers and economic saboteurs that Customs is ever prepared to disrupt their networks for the overall interest of the nation.
Maritime Agencies
Oyetola, Omatseye, Akabogu, Other Dignitaries To Attend Network of Nigerian Maritime Journalists Unity Conference in Lagos.
By Izuchukwu Ozoemena
Come November 13, 2026, the Network of Nigeria Maritime Journalists (NNMJ), an umbrella body of all maritime journalists, will convene her Unity Conference.
Venue is the Airport Hotel, Ikeja, Lagos.
This is contained in a release jointly signed by Dele Aderibigbe and Jerry Aguigbo, NNMJ’s President and Publicity Secretary respectively.
The Conference is aimed at bringing together maritime industry regulators, policymakers, outstanding industry leaders and other stakeholders to examine the future of Nigeria’s maritime sector.
Key themes include a special focus on the performance, policy direction and operational efficiency of the maritime industry under the new Marine and Blue Economy Ministry with particular emphasis on port modernisation, empowerment and training programmes, trade facilitation and revenue generation.
Barr Temi Omatseye
The Special Guest of Honour is HE Adegboyega Oyetola, the Minister of Marine and Blue Economy while the former Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Barrister Temisan Omatseye, will chair the conference.
Renowned maritime lawyer, Barrister Emeka Akabogu, SAN, is billed to deliver the keynote address.
Emeka Akabogu, SAN
The event whose theme is “Seaport Modernisation, Trade Facilitation and Revenue” is expected to provide a platform for constructive engagement among government officials, maritime professionals and private-sector operators on practical strategies for strengthening Nigeria’s maritime industry. It will also role out ways and means to maximise the contributions of the Ministry and the sector to national economic growth.
Key areas of discussion will include the modernisation of seaports and the renewal of critical infrastructure, improved trade facilitation, enhanced ease of doing business, revenue growth and measures to curb financial leakages.
Participants will also examine opportunities for expanding the marine and blue economy, creating employment, strengthening maritime safety and security, and improving the overall competitiveness of Nigeria’s maritime sector.
Dele Aderibigbe, President, NNMJ
The conference is also expected to reinforce the role of the maritime media in promoting accountability, providing informed industry analysis and advancing constructive engagement on policies and reforms affecting the nation’s marine and blue economy.
The event tagged the Unity Conference enables the NNMJ to encourage informed dialogue, strengthen collaboration among public and private-sector stakeholders, and promote policy initiatives that will enhance port efficiency, facilitate legitimate trade, improve revenue performance and unlock the economic potential of Nigeria’s maritime sector.
OUTSTANDING LEADERSHIP: NAWOJ Lagos Honours Omowole, NAN’s Managing Editor.
Customs FOU Zone ‘A’ Hits Smugglers Hard, Confiscates 23, 220 Matchettes, Other Contrabands Worth over N6.19bn.
Oyetola, Omatseye, Akabogu, Other Dignitaries To Attend Network of Nigerian Maritime Journalists Unity Conference in Lagos.
SCAN SUMMIT, 2026: Conversion to Earn Higher Interest Rates, the Bane of the CVFF, Omatseye says.
Dredgers’ Body Disowns Report Alleging Extortion Against Lagos Commissioner Alebiosu, Cardoso.
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NAGAFF President, Chief Ezisi, Visits PTML Customs, Urges Deepened Customs-Freight Forwarders Partnership.
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Lekki Port Customs Confiscates 400kg of Suspected Cannabis Sativa Worth over N2.26bn, Hands over To NDLEA.
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Apapa Customs Hits Smugglers Hard After CGC’s Visit, Intercepts ₦3.398 Billion Codeine Syrup In 5 Days.
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Maritime Agencies3 weeks agoLekki Port Customs Confiscates 400kg of Suspected Cannabis Sativa Worth over N2.26bn, Hands over To NDLEA.
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Maritime Agencies3 weeks agoOgun 1 Customs Hits Smugglers Hard 15 Days into New Leadership, Intercepts N3.15 bn Contrabands.
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Maritime Agencies3 weeks agoNAGAFF President, Chief Ezisi, Visits PTML Customs, Urges Deepened Customs-Freight Forwarders Partnership.
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Maritime Agencies3 weeks ago2026 World Maritime Day: Nigeria Subscribes to Safer Waterways and Excellence.
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Maritime Agencies2 weeks agoDredgers’ Body Disowns Report Alleging Extortion Against Lagos Commissioner Alebiosu, Cardoso.
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Maritime Agencies2 days agoOUTSTANDING LEADERSHIP: NAWOJ Lagos Honours Omowole, NAN’s Managing Editor.
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Maritime Agencies1 week agoSCAN SUMMIT, 2026: Conversion to Earn Higher Interest Rates, the Bane of the CVFF, Omatseye says.
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Maritime Agencies3 days agoCustoms FOU Zone ‘A’ Hits Smugglers Hard, Confiscates 23, 220 Matchettes, Other Contrabands Worth over N6.19bn.