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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

BADAGRY: Customs Broker Deplores Role of Unapproved Checkpoints As Baggage Maritime Magazine Celebrates

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Barr Metu delivering his lecture on 'Badagry: Nigeria's Gateway to ECOWAS Trade Facilitation'





‎By Izuchukwu Ozoemena





‎The significance of the ancient town of Badagry in Nigeria’s land border trade and the nagging issue of multiplicity of checkpoints along the Lagos-Seme stretch of the Lagos-Abidjan ECOWAS trade corridor formed the subject matter at a maritime industry engagement in Lagos, Friday.
‎The event put together in Badagry by Baggage Associates in collaboration with Fredrose Foundation was to mark the 20th anniversary celebration of The Baggage Maritime Magazine, a notable industry monthly which birthed in the ancient town of Badagry, 2005.

Chief Okey Iroegbu, Publisher, ‘The Baggage Maritime Magazine’ in his welcome remarks.


‎Delivering a lecture on the topic ‘Badagry: Nigeria’s Gateway to ECOWAS Trade Facilitation,’ frontline customs broker, Barr Ejike Metu, added a strong voice to the trending robust discussion on the need to reduce or eliminate what he described as the war-like checkpoints scattered along the route leading inward  and  outward the ancient town of Badagry, a community endowed with rich natural boundaries for security purposes along the lagoon, using the Gbaji Bridge as a beat. Highlight of Metu’s submission at the occasion is that Customs anti-smuggling activities should start from the Seme border post and end at Gbaji.

‎”The Agbara Customs checkpoint is, therefore, not necessary as it remains a snare and a thorn in the flesh for those living in this area for so many reasons.”

‎”The joy of the presence of any government establishment in any community is the uncommon development it will bring to the area. With Seme border becoming a customs revenue generation point, Badagry, thirty- -three years after, should be thriving in commerce, warehousing, storage facilities and hospitality businesses. In other words, Badagry should be a major trade hub. Heavy duty trucks used for haulage to convey goods on transit from Benin to Nigeria should be relieved of the incessant falling and damages if the system allows them to discharge their contents at any warehouse as soon as they cross the Gbaji joint checkpoint as the final outgate notwithstanding the tasks at the frontier.”

‎Metu condemned what he referred to as a proliferation of unapproved agencies identified flaunting different colours of  uniforms mounting road blocks for different purposes. These agencies include the regular Police, Mobile Police, Quarantine Services, Customs and Immigration which are prominent at the border as a result of the policies of government.
‎”In Nigeria, the Customs plays a stringent and vital role at the borders unlike in the United States of America where the Immigration Service is more prominent because of the rate of illegal migrations to America on a daily basis.”

‎”Nigeria is surrounded by francophone countries of Republic of Cameroon in the east, Benin Republic in the West,Chad and Niger in the north. In these countries, their borders are referred to as frontiers. No known serious international conflict has arisen from these neighbouring countries except for Cameroon which won an International Court of Justice case against Nigeria over the oil -rich Bakasssi Peninsula and some provocative manoeuvres from Benin Republic once in a while. Despite these, we have considered most of these boundaries and borders in Africa as mere political partitions derived from imperialistic domination of our past colonial masters and the Berlin agreement.”

‎Metu explained that the Nigeria Customs Service is saddled with the arduous task of bringing smuggling to a standstill, recalling that during a routine visit to the Seme-Mile 2 road in 2005, Senator Ade Fadahunsi, a retired Assistant Comptroller-General of Customs, was astonished with the number of police checkpoints along Seme-Mile 2 axis of the road. He frowned at a situation where the police had virtually taken over Customs job along the axis. This observation necessitated a joint meeting of the Police, Customs and Immigration at the Seme and Idiroko borders in 2005 aimed at the formation of a joint patrol to curtail the high rate of trans-border crimes prevalent then.
‎Regrettably, the initiative designed to reduce the arbitrary number of checkpoints on the road ended up a jamboree as the extortion of commuters and the attendant national embarrassment continued unabated.  Officers at the checkpoints were suspected to be rendering handsome weekly returns to their respective superiors to remain relevant in the orgy. Officers and men on the road became more dedicated and meticulous in carrying out their unwholesome activities!

‎Metu regretted the present deplorable condition of the road from Badagry Roundabout to Seme border and urged the Federal Roads Maintenance Agency (FERMA) and the Federal Road Safety Corps (FRSC) to take precautionary measures to keep the newly reactivated Mile 2 to Badagry stretch safe and free.

‎It is recalled that following the burning of tyres as caution to other road users any time trucks break down or fall, this damages the weak bitumen already existing on the already dilapidated Seme -Badagry road thereby creating uncountable potholes and craters. Dangerous accidents and avoidable loss of lives and costly goods on the Seme- Lagos road, Metu stated, can be averted if  goods-laden trucks can be allowed to discharge their contents within Badagry and other outskirts of the border.

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Maritime Agencies

‎OCTOBER REVENUE: Apapa Customs Breaks Record, Nets 304Bn In A Month

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‎By Izuchukwu Ozoemena




‎In what signposts the highest monthly revenue generation by any customs command in the history of the Nigeria Customs Service, the Apapa Command, last October, hit a record-breaking ₦304b collection. This is contained in a release by the Command image maker, Superintendent of Customs J.T. Ayagbalo, on behalf of the Customs Area Controller, Comptroller Emmanuel Oshoba.

‎”This record which beats the ₦264b collected in the month of October 2024 has brought the total collection by the command for the first ten months of this year to ₦2,402,141,493,747.06″.

‎With this, the release  says, the command has surpassed the total collection it achieved in 2024 two months before the end of 2025.

‎Comptroller Oshoba who commended the officers and stakeholders for their contributions to the spectacular achievement described it as the beginning of more revenue generation exploits on his watch.

‎The latest revenue feat, the  CAC stated, is an initial proof that Apapa Command is ready to process higher volume of trade which will translate to greater collection for government.

‎He informed that officers and men have been sensitized ahead for a regime of Drive Through Scanning that would process an average of 150 containers per hour from the quayside which will be revolutionary in the annals of trade facilitation in any West African port.

‎Rising from an in-house training for newly promoted Deputy Comptrollers and Assistant Comptrollers of Customs, Apapa Command, the CAC explained, is set to deliver optimally in line with the directives of the Comptroller General of Customs, Bashir Adewale Adeniyi, MFR.

‎” I commend my officers and our compliant stakeholders for this revenue collection milestone, but it’s not our final destination. While we are deploying all tools of trade facilitation as directed by the CGC, including the  One-Stop-Shop (OSS) which harmonizes all customs procedures and processes to save time and promote efficiency, we are also preventing revenue leakages.

‎” We have a zero compromise stance in the application of demand notices (DN) for the recovery of uncovered shortfalls in revenue and my officers are very vigilant checking any attempt to misapply Harmonised System (HS) Code for duty evasion.

‎” To accentuate the importance we attach to trade facilitation, I have personally paid unannounced visits to some parts of the port access roads where I urged truckers, freight forwarders and licensed customs agents to cooperate with the Nigerian Ports Authority (NPA) by prioritising the movement of their cleared consignments out of the ports

‎”I have also visited the Port Manager to strengthen our collaboration towards making Apapa Port very efficient. If cleared consignments fail to exit, new ones coming for examination or scanning would be slowed down and this affects trade directly while impeding on the NCS revenue collection and trade facilitation mandates.

‎CAC Oshoba beckoned on all stakeholders to support the Command to consolidate and build on the existing  achievements recorded in revenue collection and trade facilitation.

‎”We are ready to do better,” Comptroller Oshoba assured.

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Maritime Agencies

‎OTC 2026: Tantita Secures Approval for Lecture on Drone Security

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‎By Izuchukwu Ozoemena




‎Tantita Security Services Limited (TSSL), the security outfit keeping surveillance over oil and gas installations and other critical assets in Nigeria’s Niger Delta region, has secured an approval to deliver a technical lecture on Drone Security at the  2026 edition of the Offshore Technology Conference (OTC). This lecture will spotlight the use of drone technology in offshore oil platform protection.

‎The presentation, scheduled for next year’s global gathering of energy innovation will showcase Tantita’s pioneering efforts in leveraging unmanned aerial systems to monitor and secure Nigeria’s vast offshore assets.

‎Confirming the development, the  company’s Executive Director of Technical and Operations, Captain Dr. Warredi Enisuoh, noted that the approval from  OTC reflects growing international recognition of Tantita’s operational successes and technological innovation.

‎Tantita’s lecture will delve into real-time surveillance, threat detection, and collaborative frameworks for maritime security, aligning with OTC’s broader focus on digitalization, sustainability, and cross-sector innovation in offshore energy.

‎The 2026 conference is expected to attract thousands of global stakeholders, including engineers, policymakers, and investors, offering a platform for knowledge exchange and strategic partnerships.

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