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MARAN rallies economic experts to examine $2 billion currency swap deal between Nigeria, China 

Funso OLOJO 
The Maritime Reporters’ Association of Nigeria(MARAN) has concluded arrangement to bring experts together in a seminar to discuss the $2 billion currency swap deal between Nigeria and Peoples Republic of China.
The event themed, “Navigating the Nigeria-Peoples Republic Of China Currency Swap: Opportunities and Challenges for Import, Export and Maritime Business” is set to take place at the Rockview Hotel in Lagos, on April 15, 2025.
The currency deal is aimed 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 event is poised to bring critical stakeholders in the import and export business, policy-makers, and government agencies under one roof to examine this landmark deal as it affects the maritime industry in the face of the yoyo movement of the American dollar and its impact on the importation of goods into the country.
Speaking about the forthcoming event, Godfrey Bivbere, the President of the association, disclosed that 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, it becomes very imperative to examine this policy further.
“Nigeria and Peoples Republic Of China recently 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.
“This groundbreaking deal is expected to foster stronger bilateral trade, reduce transaction costs, and boost economic cooperation,” he hinted.
Continuing, he disclosed that discussants at the event would evaluate the implications of the Currency Swap while discussing how the Nigeria-Peoples Republic Of China currency swap will affect transaction costs, trade volume, and the operational dynamics of importers, exporters, and maritime businesses at large.
Expected participants at the event include the Central Bank of Nigeria (CBN), 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.
Bivbere added that at the end of the event, there will be enhanced understanding of the Nigeria-Peoples Republic Of China currency swap and its impact on stakeholders in import, export, and maritime businesses.
“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.
” One crucial tool that Nigeria must prioritise is negotiating currency swap agreements with major economies” he added.
Other expected outcomes include the identification of potential risks and opportunities arising from Peoples Republic Of China’s growing economic influence in Nigeria .
The symposium will also made  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.
Over the years, MARAN has played a major role in bringing critical issues that affect the sector to the front burner of discourse with prominent Nigerians previously gracing its numerous events.
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Customs

Customs FOU A intercepts N6.19bn smuggled goods in four weeks, recovers N683.66m

–Seizes 23,220 matchets, barcotics, 21 vehicles, others

Funso OLOJO, Editor

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU), Zone ‘A’, has intercepted smuggled and prohibited goods with a Duty Paid Value (DPV) of N6.19 billion in just four weeks, while recovering an additional N683.66 million in revenue through intensified anti-smuggling operations and compliance enforcement.

The Acting Comptroller of FOU Zone ‘A’, DC Oladapo Afeni, disclosed this on Tuesday, November 3rd, 2026, during his maiden press briefing in Ikeja, Lagos, where he revealed that the unit recorded 195 seizures arising from smuggling attempts across its area of responsibility.

Afeni said the seized goods had a cumulative Duty Paid Value of N6,194,695,947.05, reflecting the scale of smuggling activities confronting the unit and the intensity of its enforcement operations.

The seized items included 3,028 bags of 50kg imported rice, 6,949 cartons of smuggled spaghetti, 173 cartons of frozen poultry products, 101 bags of imported sugar and 21 foreign-used vehicles.

Other intercepted goods comprised 3,407.83kg of cannabis, 400g of cocaine, 100g of methamphetamine, 1,250 cartridges, 23,220 new matchets, 8,025 litres of petrol, used tyres, second-hand clothing and pharmaceutical products.

The Acting Comptroller said the seizures demonstrated the unit’s determination to protect government revenue, defend local industries against unfair competition and prevent dangerous and prohibited goods from entering the country.

He expressed particular concern over the interception of 23,220 new matchets allegedly smuggled into the country without the necessary certificates and permits.

According to him, the interception was especially significant given concerns that such items could be deployed to disrupt peaceful elections in the coming months.

On revenue recovery, Afeni disclosed that the unit generated an additional N683,661,304.05 between September 30 and November 3, 2026, through enhanced risk profiling, closer scrutiny of import declarations, correction of under-valuations and the issuance of demand notices.

He attributed the revenue recovery to improved intelligence gathering, stronger compliance monitoring and more rigorous examination of cargo transactions suspected of involving duty evasion.

The Comptroller said the unit had also intensified surveillance and intelligence-driven enforcement while strengthening collaboration with other government agencies to tackle smuggling and other forms of economic sabotage.

He assured importers and licensed customs agents that the unit remained committed to facilitating legitimate trade, stressing that its enforcement measures were not intended to obstruct genuine business activities.

However, he warned that the unit would not tolerate duty evasion, false declarations, smuggling or any activities capable of undermining national security and the Nigerian economy.

Afeni further disclosed that seized narcotics and arrested suspects would be handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and possible prosecution, while other prohibited items would be transferred to the appropriate regulatory and enforcement agencies.

He reaffirmed the unit’s resolve to dismantle smuggling networks, strengthen border security and protect the national economy through professionalism, intelligence-led operations and sustained enforcement of customs laws.

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NRC targets 10,000km rail network in five years, 20,000km long-term

Kayode Opeifa, MD, NRC

-as Opeifa believes integrated transport system key to Nigeria’s economic competitiveness

Funso OLOJO Editor 

The Managing Director of the Nigerian Railway Corporation (NRC), Dr Kayode Opeifa, has identified an integrated transportation and logistics system as critical to strengthening Nigeria’s economic resilience, reducing the cost of doing business and enhancing the competitiveness of Nigerian products.

Opeifa said an efficient transport network that connects production centres, seaports, industrial clusters, inland terminals and consumption markets would significantly reduce logistics costs, improve trade and stimulate economic growth.

He made this submission while speaking on the theme, “Scaling the Future: Building a Resilient and Efficient Mobility and Logistics Ecosystem in Nigeria,” at the BusinessDay Mobility and Logistics Conference held at Four Points by Sheraton, Victoria Island, Lagos.

According to him, persistent inefficiencies in Nigeria’s transportation network contribute to congestion, rising logistics costs, delayed deliveries, declining productivity and higher prices of goods and services.

He argued that rail transportation must occupy a strategic position in the development of an integrated national transport system, noting that improved connectivity across the different modes of transportation would translate into greater economic efficiency and competitiveness.

The NRC boss explained that rail offers high-capacity solutions for long-distance passenger and freight transportation, reduces pressure on highways and provides an important connection between seaports, industrial centres, inland terminals and urban markets.

He stressed that road, rail, maritime and air transportation should operate as complementary components of a unified logistics network rather than competing alternatives.

“Rail should not be viewed as a competitor to road, maritime or air transportation, but each should continue to develop as complementary components of an effective integrated transport system,” he said.

He noted that while road transportation remained essential for cargo collection and last-mile delivery, maritime transport facilitated international trade, while inland terminals supported cargo handling and distribution. Rail, he added, provided the high-capacity link connecting these facilities with production and consumption centres.

Opeifa maintained that seamless coordination among the various transportation modes would reduce avoidable logistics expenses, facilitate regional commerce, improve access to markets and strengthen the competitiveness of Nigerian businesses.

Outlining the NRC’s strategic direction, the managing director highlighted the corporation’s track access policy, which allows private investors to explore opportunities in passenger and freight operations along the country’s railway corridors.

He also unveiled the corporation’s Vision 2:5:10:20, a strategic framework designed to optimise existing railway assets, revive viable dormant corridors, expand freight operations, deepen private-sector participation and progressively extend the national rail network.

Under the ambitious plan, the NRC is targeting an expansion of Nigeria’s railway network from approximately 4,000 kilometres to 10,000 kilometres within five years, with a long-term ambition of reaching about 20,000 kilometres.

“Our ambition is to consistently grow the networks from approximately 4,000 kilometres that we met, to 10,000 kilometres within five years and ultimately achieving about 20,000 kilometres over the long term.

“These are no doubt strategic targets that require sustained investment and implementation,” he said.

Opeifa identified the immediate priorities as improving the utilisation of the country’s two legacy narrow-gauge lines and three standard-gauge lines, restoring operational capacity, expanding freight services and strengthening connections between railway infrastructure, seaports and inland terminals.

He explained that maximising the performance of existing railway assets would provide a foundation for future expansion while improving the corporation’s capacity to support freight and passenger movement.

On ongoing and proposed railway infrastructure projects under President Bola Ahmed Tinubu’s administration, Opeifa disclosed that efforts were being made to extend the standard-gauge railway to Apapa Port and establish a connection to Tin Can Island Port.

The proposed connections, he said, were intended to improve cargo evacuation, reduce pressure on road infrastructure and strengthen the interface between Nigeria’s railway network and maritime trade facilities.

He further disclosed that the Kano-Maradi railway project was expected to be completed in 2027, while plans were underway for a central railway corridor linking the Warri-Itakpe line to Abuja.

According to him, the government also plans to commence construction of the Marina-Lekki railway line, alongside efforts to support the Kaduna-Kano inter-state train service and the proposed intra-state railway services of the Kano State Government.

He said the projects formed part of broader efforts to expand railway connectivity, improve passenger mobility and facilitate the movement of goods across the country.

Also speaking at the conference, the Director-General of the Africa Centre for Supply Chain (ACSC), Dr Obiora Madu, warned that small-scale businesses would continue to struggle unless Nigeria addressed the fragmentation and inefficiencies within its transportation and logistics networks.

Madu estimated that the country loses more than N3.6 trillion to inefficiencies and distortions in the transportation and logistics sector, arguing that an interconnected system would unlock significant economic opportunities.

“If we don’t get the logistics right, the small-scale businesses would not be optimised. We do not need digital islands, we do not need superlative infrastructure, what we need is connected systems,” he said.

He maintained that developing a resilient logistics ecosystem required more than the expansion of individual infrastructure components, stressing the importance of coordination, connectivity and the ability of the entire system to withstand disruptions.

Similarly, the Managing Director of JanksMay Global Services Ltd., Ifeanyi Onwuachu, identified persistent infrastructure deficits as a major constraint affecting small-scale operators in the logistics industry.

He said the difficulties confronting operators underscored the need for improved infrastructure and more efficient transportation connections to support business activities.

Earlier, in his welcome address, the Deputy Editor-in-Chief of BusinessDay, Dr Innocent Nna, described the Mobility and Logistics Conference as an important platform for examining persistent challenges in Nigeria’s logistics sector and exploring practical solutions.

Nna urged industry stakeholders to engage in constructive discussions on the gaps confronting the country’s transportation and logistics systems, with a view to identifying measures that would improve efficiency and strengthen the sector.

The conference brought together stakeholders across the transportation, logistics and business sectors to examine strategies for building an integrated, efficient and resilient mobility ecosystem capable of supporting economic growth and improving the competitiveness of Nigerian businesses.

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Headlines

Omatseye blows hot as he maintains stance over CVFF dollar to naira conversion controversy.

Dayo Mobereola, Temisan Omatseye

— claims he left N52 bn in fixed deposit at his exit in 2010

Funso OLOJO, Editor

The last may not have been heard about the war of words between the two helmsmen at the Nigerian Maritime Administration and Safety Agency (NIMASA) over the alleged controversial conversion of the dollar component of the Cabotage Vessels Financing Funds (CVFF) into Naira.

Temisan Omatseye, the former Director General of NIMASA from July 2009 to December 2010, had claimed that the Agency converted the dollar remittances into the CVFF pool into Naira for higher interest rates.

Temisan made this claim at a public function in Lagos where he was speaking on the controversial CVFF delayed disbursement.

In a swift reaction, the incumbent NIMASA DG, Dr Dayo Mobereola, fired back, dismissing Temisan’ s claim as “misleading which does not reflect the true situation of CVFF”

In a press statement he personally signed on Sunday, November 1st, 2026, Mobereola said all the remittances into the CVFF pool are retained in their original currencies of remittance.

He explained that the revenue streams accruing to the CVFF are denominated in different currencies.

“Accordingly, funds remitted in United States dollars are retained in dollars with the Central Bank of Nigeria (CBN), while contributions remitted in naira are retained in the local currency.

“There has been no conversion of the dollar-denominated component of the CVFF to naira, contrary to the allegation”

However, Temisan, in his reaction to the rebuttal by Mobereola as reported by our reporter, maintained his stance on the controversy.

In his defence of his position on the matter, which he made in reference to the report by this platform, Omatseye declared emphatically that such conversion was made during his tenure as the DG of NIMASA.

“By virtue of the seasonal headline that I lied, there is a need to clarify exactly what was said.

“When I became DG NIMASA in 2009. the Agency’s account, be it CVFF or 3% ,were held in commercial banks.

” Several banks were nominated as collection banks but on the 23rd of each month, there was what we called sweep, where all monies, be it dollars or naira, were swept from the different collection banks accounts to designated naira and dollar accounts.

“By virtue of a memo from the Accountant General’s office, the Agency was directed to change all foreign internally generated revenue, be it 3% or CVFF, into naira and fix it in naira.

” The reason I was made to understand was that the dollar earned 1-2% interest whereas naira earned upward of 15% interest. Which made sense.

“This was the practice until I left office. I was explaining to the audience what had transpired during my tenure.

“What has been the practice since the advent of TSA is better explained by NIMASA.

“In the light of that, I stand fully by my statement that during my tenure, all dollar funds received as CVFF were converted into naira.

“I really don’t understand where I’m being accused of lying by NIMASA.

” I read NIMASA position which is correct based on correct realities and my position is based on my realities at the time I was in office.

” On the day I left NIMASA which was 13th December 2010, there was being held in fixed deposit N52 billion which included both CVFF and Maritime fund” Temisan declared , clarifying his position on the controversial matter.

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