MARAN Holds Roundtable on Nigeria-China Currency Swap Deal.

MARAN Holds Roundtable on Nigeria-China Currency Swap Deal.

By Fabian Anawo.

The Nigeria-China Currency Swap Deal is the focus of the Roundtable discussion being organized by the Maritime Reporters Association of Nigeria, MARAN.

The Roundtable is titled, Navigating the Nigeria-Peoples Republic Of China Currency Swap: Opportunities and Challenges for Import, Export and Maritime Business.

It is in furtherance of MARAN’s agenda-setting role and interrogation of key government policies as they affect the maritime industry.

The currency deal aims to provide Naira liquidity to Chinese businesses and yuan liquidity to Nigerian businesses while reducing their dependence on the dollar as a basis for transactions.

The President of MARAN, Mr. Godfrey Bivbere said that the choice of the topic was to interrogate the policy further, given that China has been Nigeria’s biggest import partner over the years and the debilitating effect of the American dollar on importation.

He said that the Roundtable would bring together critical stakeholders in the import and export business, policy-makers, and government agencies under one roof to examine the landmark deal as it affects the maritime industry and its impact on the importation of goods into the country.

Mr. Bivbere recalled that recently, Nigeria and the Peoples Republic Of China renewed their currency swap agreement worth 15 billion Yuan ($2 billion), enabling the direct exchange of the Chinese Yuan and the Nigerian Naira while bypassing the US dollar.

The groundbreaking deal is expected to foster stronger bilateral trade, reduce transaction costs, and boost economic cooperation.

The MARAN President said that the discourse would evaluate the implications of the Currency Swap, how it will affect transaction costs, trade volume, and the operational dynamics of importers, exporters, and maritime businesses at large.

He said that participants will include the Central Bank of Nigeria, the Nigeria-China Strategic Partnership (NCSP), Chinese Embassy, Ministry of Finance, importers, exporters, maritime operators, policy-makers, economists, financial institutions and trade organizations amongst others.

Mr. Bivbere said that the expected outcome of the Roundtable includes, a better understanding of the currency swap deal and its impact on stakeholders in import, export, and maritime businesses.

Others are the identification of potential risks and opportunities arising from the Peoples Republic of China’s growing economic influence in Nigeria, actionable recommendations for stakeholders to navigate changes in the trade and maritime landscape while strengthening collaboration among stakeholders to maximize trade benefits and economic growth.

Mr. Bivbere said that the current economic reality makes it imperative for Nigeria to adopt innovative strategies to safeguard its economic stability and reduce dependency on the U.S. dollar for international trade and advised the Federal Government to enter into more of such deals with major economies of the world to strengthen the Naira.

He said that the Roundtable would be held at the Rockview Hotel in Apapa, on April 15, 2025.

Over the years, MARAN has been renowned for its major roles in bringing critical issues that affect the Maritime sector to the front burner of discourse and proffering solutions to them.