By: Joy Enamuna

The Maritime Reporters Association of Nigeria (MARAN) has announced the participation of major government and industry leaders in its upcoming breakfast meeting on the Nigeria-People’s Republic of China currency swap.

Among the confirmed attendees are the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, representatives from the Federal Ministry of Finance, and the Chairman of the Customs Consultative Council, Aare Hakeem Olanrewaju.

The event is scheduled for April 15, 2025, at the Rockview Hotel in Apapa, Lagos, and will focus on the theme: “Navigating the Nigeria-People’s Republic of China Currency Swap: Opportunities and Challenges for Import, Export, and Maritime Business.”

MARAN President, Godfrey Bivbere, stated that the CBN Governor has committed to full representation at the meeting, and the Federal Ministry of Finance has also expressed its interest in participating.

Additionally, Aare Hakeem Olanrewaju, who will chair the breakfast meeting, confirmed his attendance.

Other key stakeholders, including representatives from the Chinese Embassy, National Association of Government Approved Freight Forwarders (NAGAFF), and the Association of Nigerian Licensed Customs Agents (ANLCA), have also indicated their intent to participate.

The forum is expected to attract a wide range of participants, including members of the Nigeria-China Strategic Partnership (NCSP), importers, exporters, maritime operators, policymakers, economists, financial institutions, and trade organizations.

Bivbere highlighted that this forum aligns with MARAN’s mission to critically assess key government policies affecting the maritime industry.

The Nigeria-China currency swap aims to enhance bilateral trade by providing Naira liquidity to Chinese businesses and Yuan liquidity to Nigerian businesses, reducing dependence on the US dollar for transactions.

The breakfast meeting will offer stakeholders in the import and export sectors, policymakers, and government agencies a platform to explore the potential impacts of this agreement on the maritime industry, especially in the context of the US dollar’s fluctuating value.

Bivbere emphasized that the event would deepen understanding of the currency swap’s impact on the maritime sector, stating, “It is essential for Nigeria to adopt innovative strategies to protect its economic stability and reduce reliance on the U.S. dollar in international trade. This currency swap with China is a crucial step in that direction, and this forum will provide the necessary insights for stakeholders to navigate its opportunities and challenges.”