Joyce Mmereole Okoli
The Maritime Reporters’ Association of Nigeria (MARAN) is set to host a high-profile event analyzing the Nigeria-China Currency Swap deal and its implications for the country’s maritime sector.
Themed “Navigating the Nigeria-People’s Republic of China Currency Swap: Opportunities and Challenges for Import, Export, and Maritime Business,” the event will take place on April 15, 2025, at Rockview Hotel, Lagos.
The currency swap agreement, recently renewed at 15 billion yuan ($2 billion), allows direct exchange between the Chinese yuan and Nigerian naira, eliminating reliance on the U.S. dollar in bilateral trade. This initiative is expected to enhance trade efficiency, reduce transaction costs, and strengthen economic ties between the two nations.
MARAN President Godfrey Bivbere emphasized the need for a closer examination of the policy, citing China’s dominant role as Nigeria’s largest trading partner. He noted that the event would provide a platform for stakeholders to evaluate the currency swap’s effects on transaction costs, trade volume, and maritime operations.
“This groundbreaking deal is expected to foster stronger bilateral trade, reduce transaction costs, and boost economic cooperation,” Bivbere stated.
The event will bring together policymakers, financial experts, and industry stakeholders, including representatives from:
– Central Bank of Nigeria (CBN)
– Nigeria-China Strategic Partnership (NCSP)
– Chinese Embassy in Nigeria
– Ministry of Finance
– Importers and Exporters
– Maritime Operators
– Economists and Trade Organizations
Discussions will center on the benefits and risks of the agreement, as well as strategies for Nigerian businesses to maximize its advantages while mitigating potential economic challenges.
Bivbere highlighted the importance of adopting innovative economic strategies to enhance Nigeria’s trade resilience. He pointed out that reducing dependency on the dollar is crucial for stabilizing the country’s economy and fostering long-term growth.
Expected outcomes of the event include:
– A deeper understanding of the currency swap’s impact on the import-export sector.
– Identification of potential risks and opportunities arising from China’s growing economic influence in Nigeria.
– Actionable recommendations for businesses and policymakers to navigate shifts in the trade landscape.
With a history of driving critical discussions in the maritime sector, MARAN aims to use this platform to shed light on pressing trade policies and shape the future of Nigeria’s economic engagements with China.