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
Dredgers’ Body Disowns Report Alleging Extortion Against Lagos Commissioner Alebiosu, Cardoso.
By Izuchukwu Ozoemena
The Dredgers Association of Nigeria (DAN) has distanced itself from a report entitled ‘Dredgers Association Appeals to Sanwo-Olu Over Alleged Extortion, Urges Governor to Call Alebiosu, Cardozo to Order’, published on October 23, 2026 by some online blogs.
In a disclaimer jointly signed by Batare Akpomejero and Richard Ntan, National President and Secretary respectively, the Association categorically stated that the publication is fake and could not have originated from its National Leadership or any authorised organ of the dredgers’ body.
DAN clarified that it neither authorised, approved nor issued any petition or press release accusing Hon. Ekundayo Alebiosu, Commissioner for Waterfront Infrastructure Development, Lagos State, and Mr. Cardozo of harassment, intimidation or extortion of dredgers and tipper operators.
The Association further stated that it had no record of the alleged impounding of trucks and demand for ₦500,000 as reported in the publication, adding that it completely dissociated itself from the claims.
Reaffirming its relationship with the Lagos State Government under the leadership of Governor Babajide Olusola Sanwo-Olu, DAN described its engagement with the government and the Ministry of Waterfront Infrastructure Development as cordial and collaborative.
On matters relating to dredging regulations and the interpretation of Supreme Court judgments concerning shoreline authority, the Association explained that discussions were being pursued through appropriate institutional channels and dialogue with relevant federal and state authorities, rather than through media confrontations.
Consequently, DAN has disclaimed the report in its entirety, urging the public, the Lagos State Government, Hon. Alebiosu and other stakeholders to disregard the publication as a statement issued on behalf of the Association.
DAN also expressed regret over any embarrassment, inconvenience or reputational damage the publication may have caused the Lagos State Government, the Honourable Commissioner and other officials mentioned.
It reaffirmed its commitment to promoting lawful, sustainable and collaborative dredging operations across Nigeria, while maintaining constructive engagement with relevant authorities and stakeholders.
By Izuchukwu Ozoemena
The National Inland Waterways Authority (NIWA) is committed to translate maritime policies into practical results as part of efforts to ensure safer waterways, reliable infrastructure and sustainable economic growth.
NIWA Acting Managing Director, Alhaji Yusuf Girei made the commitment while congratulating stakeholders in his goodwill message during the 2026 World Maritime Day celebration.
This year’s celebration whose theme was“From policy to practice: Powering excellence,” has in attendance was graced the Minister of Marine and Blue Economy, His Excellency Dr. Adegboyega Oyetola, CON; the Ministry’s Permanent Secretary Mrs. Fatima Sugra Mahmood, FSM, MCIPM; Chairperson and Keynote Speaker, Mrs. Mfon Usoro; Directors and Heads of Departments, CEOs of Parastatals under the Ministry, members of the diplomatic corps, industry stakeholders and the media.

“This year’s theme,” Alhaji Girei said, “reminds us that strong policies create value only when they are translated into meaningful action. In the maritime sector, that means safer waterways, reliable infrastructure, environmental stewardship and services that support trade and economic growth.”

He noted that NIWA remains committed to working with State Governments, industry stakeholders, host communities and development partners to improve navigation, strengthen safety standards, modernise facilities and protect the waterways on which many livelihoods depend.
Speaking about excellence in the maritime sector, he described it as a shared responsibility that requires skilled professionals, effective regulation, investment in innovation and a culture that places safety and sustainability at the heart of operations.

“By working together, we can build a maritime sector that is competitive, inclusive and prepared for the future,” he added.

He commended President Bola Ahmed Tinubu, the Minister of Marine and Blue Economy, the Permanent Secretary and all stakeholders whose commitment keeps the maritime industry moving, and urged participants to turn shared ambition into practical results.
The celebration peaked when Alhaji Girei joined in the award presentation for the Primary School Children’s Essay Competition category sponsored by NIWA. The first position went to Idris Jibril Oladimeji of Holy Cross Primary School, Lagos, who won N200,000 cash and a laptop computer. The second position went to Suleiman Aisha of St. Paul’s Anglican School, Lagos Island, who received N150,000 and a laptop computer, while the third position went to Yahaya Aliyah of St. Mathias Girls Primary School, Lagos, who received N100,000 cash and a laptop computer.
On behalf of the Board, Management and Staff of NIWA, he wished all stakeholders a successful World Maritime Day celebration.
Maritime Agencies
NAGAFF President, Chief Ezisi, Visits PTML Customs, Urges Deepened Customs-Freight Forwarders Partnership.
By Izuchukwu Ozoemena
Chief Tochukwu Ezisi, National President, National Association of Government Approved Freight Forwarders (NAGAFF) has given kudos to the Controller of the PTML Command of the Nigeria Customs Service, Comptroller N. I. Miko, for the support extended to freight forwarders at PTML, enjoining him to sustain the tempo and assist the NAGAFF chapter to deepen the relationship for mutual benefits.
Chief Ezisi made the commendation, Thursday, when he led the association’s high command on a familiarization visit to the Customs Area Controller (CAC) of the PTML Command.
Ezisi who used the opportunity to welcome the CAC to the Customs Command also introduced the newly-elected executive of the NAGAFF PTML Chapter democratically elected to manage its affairs for the next four years.
Describing NAGAFF as a law-abiding organisation which has maintained a longstanding relationship with the Customs Service, Chief Ezisi stressed the importance of collaboration, compliance and professionalism in facilitating legitimate trade.
He urged Miko to maintain open communication with the chapter’s leadership and whenever disagreements or operational challenges arose, the national leadership would intervene where necessary to resolve issues.
As in other large organisations, Ezisi acknowledged, members with different dispositions and approaches to matters populate NAGAFF and managing them and their differences remains the hallmark of effective leadership at all times.
He also told the CAC that as a body, NAGAFF has in place an active special intervention outfit, a compliance team with guiding slogan, “If you see something, say something.” This body monitors the activities of her members and other freight forwarders who willingly subvert compliance standards in the line of duties.
NAGAFF, he explained, is a non-profit association of freight forwarders whose headquarters relies on the contributions and activities of its chapters to fulfill its responsibilities to the industry.
In his response, the Customs Area Controller of the PTML Command, Comptroller Nura Ibrahim Miko, assured NAGAFF members of the Command’s continued cooperation. He described the relationship between Customs officers and freight forwarders at the terminal as very cordial and will always be, going forward.
Miko recalled NAGAFF’s organizational structure, describing it as impressive, particularly the commitment to training and capacity development of members through the NAGAFF Academy .
The PTML Command would continue to support freight forwarders, the CAC pledged as Customs officers and industry operators would continue to deepen the existing harmony and cooperation in the workplace.
He assured that the Command would continue engaging terminal operators on the need to improve the working environment for both Customs officers and freight forwarders.
Miko encouraged freight forwarders to report any shortcomings in the conduct of Customs officers, assuring them that the command would take feedback seriously and work towards improvement.
He also urged stakeholders to acknowledge good performance, emphasising that constructive engagement, mutual respect and collaboration were essential to effective operations.
He reaffirmed his management’s readiness to sustain the healthy relationship with the association and other stakeholders.
Giving a vote of thanks, NAGAFF’s Vice President (Headquarters), Simeon Nwonu, expressed pleasure of the assurance of a continued cordial relationship and accessibility stakeholders associate CAC Miko with right from the Apapa Command.
He thanked Comptroller Miko for the warm reception, expressing confidence that NAGAFF members operating at PTML would benefit from continued engagement.
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