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
MARITIME SECURITY: 1723 Vessels Conducted ‘Dark Activities’ On Nigerian Waters, January To April, 2025, NIMASA’s C4i Reveals.

By Izuchukwu Ozoemena
Between January 2024 and January 2025, 1,723 vessels conducted ‘dark activities’, including turning off their Automatic Identification System (AIS) while on Nigerian waters.

Dr Dayo Mobereola
The Command, Control, Communications, Computers and Intelligence (C4i) centre of the Nigerian Maritime Administration and Safety Agency ( NIMASA) says this alarming number of vessels probably decided to tamper with their AIS system to enable them carry out illicit activities within Nigeria’s Exclusive Economic Zone ( EEZ).
The C4i centre, a critical component of the Deep Blue project domiciled within NIMASA operates with contributions from various security agencies including the Nigerian Navy, Nigerian Air Force, Nigerian Army, the Nigerian Police and the Department of State Services.
It monitors vessels entering Nigerian waters using an intelligence system designed to detect any suspicious activity.
The supervisor of the C4i operation centre, Abdulrasak Lawal disclosed these findings recently during an oversight visit by the House Committee on Maritime Safety, Education and Administration to the Nigerian Maritime Resource Development Centre (NMRDC) in Lagos.
He explained that the system tracks the history of vessels, including their voyages and flags to determine any questionable activities for further investigation. The questionable activities include different types of sharp practices and the deliberate switching off of the AIS, among others.
Lawal said some of the vessels uncovered are suspected to have been engaged in illegal fishing, illegal bunkering, oil theft and dumping of harmful waste in the nation’s waters.
“These vessels, when they sail into our waters, turn off their transmission, and once they do that, you’re not able to track them. Once you are unable to track vessels operating on your waters, there are so many reasons associated with it. We have so many vessels coming for illegal bunkering, illegal fishing, dumping of harmful waste- they are part of the 1723 vessels conducting dark activities.
He added, “Immediately a vessel goes dark, we dispatch one of our aerial assets above that particular vessel to ascertain it’s activities at that moment. Because once a vessel goes dark, it is a crime on its own, and we even have the power to detain any vessel that is conducting dark activities.”
Lawal also highlighted the significant volume of maritime traffic within Nigeria’s waters, which he said accounts for 47 percent of vessel traffic in the Gulf of Guinea with 33,530 port calls recorded between January and April 2025.
This, he said, is against figures from countries within the Gulf of The Guinea (GoG) like Ghana with 4,969 port calls, Gabon- 2,753, Equatorial Guinea- 2,196, Benin- 996, Liberia- 711, and Gambia with 328 port calls within the review period.
The high volume of traffic, Lawal noted, increases the potential for illegal activities and attack on vessels adding that as a member of the GoG, Nigeria is accountable to the International Maritime Organization (IMO) for ensuring security of vessels in its maritime domain.
Lawal disclosed further that a total of 4,016 different vessels entered Nigeria’s EEZ between January and April 2025,
with 166 of them entering for the first time.
Despite the challenges posed by these dark activities, Lawal said the C4i centre of the deep blue project has been instrumental not only in identifying suspicious vessels but also in maintaining a record of zero piracy incidents in Nigeria waters for over one year.
Maritime Agencies
Nigeria – China Currency Swap Deal: Farinto, Olanrewaju Urge Maritime Stakeholders To Take Advantage of Opportunities.

By Izuchukwu Ozoemena
Chairman, Customs Consultative Council (CCC), Aare Hakeem Olanrewaju is optimistic that the currency swap agreement between Nigeria and China has the potential to address the challenges of inflation and other issues working against trade facilitation in the country.
Determined to relieve external funding pressures and ensure trade facilitation between Nigeria and China, both countries engaged in a series of negotiations for a bilateral currency swap framework.
Olanrewaju who chaired the recent breakfast meeting held in Lagos by the Maritime Reporters Association of Nigeria ( MARAN) recalled
a research of over ten years ago showing that prices of goods keep going up in Nigeria compared to other countries of the world.
” I believe the decision of MARAN to organise this breakfast meeting and bring stakeholders together will give us an insight into the benefits and challenges of the currency swap between Nigeria and China”, he said.
Statistics show that China is a strategic tool for trade efficiency and external sector diversification . It has the potentials to offer Nigeria’s maritime industry new trade opportunities with China, the country’s trading partner .
In his intervention, former Acting President, Association of Nigeria Licensed Customs Agents (ANLCA), Dr. Kayode Collins Farinto commended the Tinubu administration for courageous decisions being taken to move the country’s economy forward.
However , he wants Government to tackle the challenge of infrastructure which has been an impediment to trade facilitation so as to efficiently implement the currency swap deal.
Farinto also called for the construction of a functional rail system to make the Lekki Deep Sea port viable and disbursement of the Cabotage Vessel Financing Fund ( CVFF).
He urged the Federal Government to provide the financial support to MARAN to enable the pioneer maritime media association to lead in efforts to carry out needed sensitization on the implementation of the currency swap deal between the two countries.
Maritime Agencies
MAN, Oron, Pledges Partnership With CILT To Foster Professionalism In Marine and Blue Economy.

By Izuchukwu Ozoemena
The Management of the Maritime Academy of Nigeria (MAN), Oron, Akwa Ibom State, has received special recognition and applause for emphasizing robust professional maritime, logistics and transportation education, supply chain management and other professional pursuits aimed at deepening maritime development in Nigeria.
The Chartered Institute of Logistics and Transport (CILT) Uyo Branch made the commendation recently during a courtesy visit to the Management of the foremost nautical school.
Addressing the Academy’s Management Team, the Chairman of the Uyo Branch of the CILT, Mr. Itoro Okon Effiong, said the courtesy visit was to strengthen the professional relationship CILT established with the Academy and to congratulate the newly- appointed Acting Rector of the Academy, Dr. Kevin Okonna.
Okon Effiong who was accompanied by some key officers from the Uyo, Oron, Calabar, and Next Generation branches of the oldest Transport and Logistics Institute in the world said:
“We wish to reaffirm the CILT’s commitment to deepening collaboration with the Academy. We Congratulate you, (the Acting Rector).”
“The track record of your achievements in maritime leadership and educational development will always be remembered.”
The chairman added that the Rector’s appointment was timely considering the need to add value to the maritime and logistics sectors, which are undergoing global and local transformation.
Effiong stressed the pivotal role the Maritime Academy is playing in shaping seafarers and maritime professionals across the country and Africa, an effort he recalled is equally the professional passion of CILT Nigeria.
The Uyo CILT boss further maintained that by building and strengthening a robust professional partnership with institutions like the Maritime Academy, the Institute can tackle critical industry challenges such as capacity building, technological advancement, and policy alignment in line with international standards.
In his welcome address, the Ag. Rector of the Maritime Academy of Nigeria, Dr. Kevin Okonna,
warmly welcomed the delegation and commended the CILT for its continued dedication to maritime and logistics education. He pledged robust institutional support for the CILT.
In a symbolic gesture, the CILT delegation presented a commemorative souvenir in form of a portrait to the Rector, honouring him as a distinguished member of the Institute.
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