By NewsDesk
Lagos– The Maritime Reporters’ Association of Nigeria (MARAN) is set to scrutinize the implications of the Nigeria-China currency swap deal on the country’s import, export, and maritime sectors.
In a statement on Wednesday, MARAN President Godfrey Bivbere announced that the association would host a critical discourse on April 15 in Lagos under the theme: Navigating the Nigeria-Peoples Republic Of China Currency Swap: Opportunities and Challenges for Import, Export, and Maritime Business.
“The association decided 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,” Bivbere stated. “It becomes very imperative to examine this policy further.”
The Nigeria-China currency swap agreement, recently renewed for 15 billion yuan ($2 billion), allows businesses from both countries to trade directly in yuan and naira, bypassing the U.S. dollar. This initiative aims to facilitate trade, lower transaction costs, and strengthen economic ties between Nigeria and China.
According to Bivbere, the MARAN-organized event will bring together key stakeholders, including representatives from the Central Bank of Nigeria (CBN), the Nigeria-China Strategic Partnership (NCSP), the Chinese Embassy, the Ministry of Finance, importers, exporters, maritime operators, economists, and financial institutions.
“It has become imperative for Nigeria to adopt innovative strategies to safeguard its economic stability and reduce dependency on the U.S. dollar for international trade,” Bivbere added. “One crucial tool that Nigeria must prioritize is negotiating currency swap agreements with major economies.”
The discussions will assess the potential impact of the currency swap on transaction costs, trade volumes, and business operations within the maritime sector. The event is also expected to generate recommendations on how stakeholders can navigate the evolving trade landscape while maximizing economic benefits.
Over the years, MARAN has been instrumental in shaping discussions on crucial maritime issues, bringing together policymakers and industry players to address challenges facing the sector.