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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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Headlines
Yinka Onigbinde election as MARAN president excites SIFAX Group
– pledges support for his administration
Gloria Odion, Maritime reporter
The SIFAX Group has congratulated Mr. Oluyinka Onigbinde on his election as the new President of the Maritime Reporters Association of Nigeria (MARAN).
The Group described his emergence as a reflection of his professionalism and dedication to maritime journalism.
The congratulatory message was conveyed in a formal letter signed by Dr. Taiwo Afolabi, Chairman of SIFAX Group, on behalf of the Board, Management, and Staff of the conglomerate.
In the letter, Dr. Afolabi described Mr. Onigbinde’s election as well-deserved, noting that his consistent contributions to maritime journalism and the broader maritime industry over the years had earned him the confidence of his colleagues.
“Your emergence as the President is proof of your professionalism, dedication, and consistent contributions to maritime journalism and the broader maritime industry over the years,” Afolabi stated.
Afolabi expressed confidence that the association would continue to advance the ideals of professionalism, ethical journalism, unity, and constructive engagement within the maritime sector under Onigbinde’s leadership.
He further noted that the new president’s tenure was expected to strengthen the media’s role as a vital partner in the growth and development of Nigeria’s maritime industry.
Afolabi, who serves as Patron of MARAN, assured Onigbinde of his goodwill and support as the new president works towards advancing the association, while wishing him wisdom, strength, and outstanding success in the discharge of his duties.
Headlines
The Billion-Naira Ballot: Can digital primaries finally cure Nigeria’s “Delegate Disease”?
MONDAY DISCOURSE with NASIRU
“Whatever is hidden by the fog of political intrigue is eventually revealed by the light of the ballot.”
This maxim captures the true essence of Nigeria’s current political transformation as we navigate the high-stakes journey toward 2027.
In May 2026, the landscape is defined by a massive administrative and financial pivot, where the intersection of a record-breaking ₦1 trillion election budget and the mandatory shift to digital democracy has created a fortress that is reshaping how power is won and funded.
This record allocation, driven by a ₦1.01 trillion statutory transfer to INEC, represents a massive liquidity injection that is both a logistical necessity and a significant inflationary risk.
High inflation, reaching 23.7% in April, has drastically increased the costs of logistics, while over ₦209 billion is earmarked for technological integrity, including a massive overhaul of 200,000 BVAS units to ensure the digital transparency mandated by the Electoral Act 2026.
The 15 year reliance on the “delegate system” has officially been abolished, replaced by a revolution that permits only two nomination modes: Direct Primaries or Consensus. This shift to a “one member, one vote” system is intended to curb the influence of “Money Bags” and “Ghana-Must-Go” politics by moving power from a few thousand delegates to millions of registered party members.
However, this democratic ideal has birthed an operational nightmare for party administrations, who must now fund ward-level voting for their entire memberships. This strain has led to skyrocketing nomination fees, with the APC presidential ticket pegged at ₦100 million just to cover these new logistics.
Consequently, while the concentrated delegate market has vanished, political spending has merely decentralized, forcing aspirants to “induce” thousands of voters across every ward in the country.
A new digital arms race has emerged under Section 77 of the 2026 Act, which requires parties to submit a digital membership register linked to NINs to INEC at least 21 days before any primary.
The ruling APC has already registered over 12 million members online, claiming a head start in digital compliance. In contrast, the opposition has undergone a seismic shift; on Sunday, May 3, 2026, Peter Obi and Rabiu Kwankwaso formally joined the Nigeria Democratic Congress (NDC). This “NDC Surge” has reportedly seen over 10 million Nigerians register with the party within its first 24 hours, as Obi cited the “toxic” environment and endless litigation within the ADC as his reason for seeking a more stable platform.
The NDC, led by former Bayelsa Governor Seriake Dickson, is now the primary challenger racing to consolidate its digital register before the looming May primary deadlines.
Beyond the internal party mechanics, the broader economic impact is staggering. The election budget contributes significantly to a ₦23.85 trillion deficit in the 2026 budget, narrowing the fiscal space for long-term development.
Economists, including the Central Bank Governor, have warned that this ₦1 trillion injection poses a severe inflationary risk that could destabilize ongoing reforms. Furthermore, the government has set aside ₦135.22 billion specifically for electoral adjudication, signaling an expectation of intense post-election litigation.
As we move toward the off-cycle governorship tests in Ekiti and Osun states, the question remains: is Nigeria ready for the transparency of a unified digital window, or will the costs of this “Digital Democracy” bankrupt the very system it seeks to save?
Chief Ibrahim Nasiru, a public affairs analyst, writes from Abuja
Headlines
Sustained government expansion project, infrastructural development drive port growth trajectory in Qi, 2026
– as NPA records 46.75m GRT
Funso OLOJO, Editor
Nigeria’s maritime sector recorded strong operational growth in the first quarter of 2026, with Gross Registered Tonnage (GRT) for ocean-going vessels rising by 19.5 per cent to 46.75 million.
This growth underscores the increasing dominance of larger-capacity ships across the nation’s ports amid ongoing reforms targeted at positioning the country as a regional trade hub under the African Continental Free Trade Area (AfCFTA).
According to the Q1 2026 Operational Performance Review released by the Nigerian Ports Authority (NPA), the rise in vessel tonnage signals improved cargo-carrying efficiency and growing confidence among international shipping lines in Nigerian ports.
The report noted that the development reflects a strategic shift toward larger and more efficient vessels, driven partly by the operational impact of the Lekki Deep Sea Port and expanding trade demand.
The strong performance comes at a time the federal government is intensifying efforts to modernise Nigeria’s port infrastructure, improve cargo handling efficiency and capture a larger share of regional cargo flows under AfCFTA.
Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, had recently said Nigeria’s ports must evolve beyond traditional limitations if the country hopes to compete effectively in a rapidly integrating African market.
Speaking at an industry forum in Lagos, Dantsoho said efficiency, speed, innovation and reliability would determine which countries dominate cargo flows in the new continental trade environment.
“The time has come for a paradigm shift in the structure of Nigeria’s economy towards the full utilisation of our marine resources.
” Our port system, if properly harnessed, can serve as a major driver of economic growth,” he said.
Total cargo throughput excluding crude oil terminals also posted strong growth during the quarter, increasing by 11.6 per cent year-on-year to 32.38 million metric tons from 29.02 million metric tons recorded in the corresponding period of 2025.
The NPA attributed the growth to rising trade volumes, stronger import and export activities, improved port productivity, and sustained demand for port services.
One of the strongest performances during the period came from outward cargo traffic, which surged by 23.7 per cent to 14.13 million metric tons, reflecting stronger export competitiveness and deeper integration into regional and global supply chains.
Similarly, outward laden container traffic recorded exceptional growth of 67.6 per cent, rising from 61,332 TEUs in Q1 2025 to 102,803 TEUs in Q1 2026, a performance linked to improved export logistics and terminal efficiency.
Vehicle traffic also emerged as a major growth area, with total vehicle units handled rising sharply by 67 per cent to 58,870 units during the quarter, compared to 35,262 units in the same period last year.
The report further highlighted an 83.1 per cent increase in transshipment container activity, reinforcing Nigeria’s growing relevance within regional maritime trade and logistics networks.
Industry analysts said the increase in transshipment activity is particularly significant because it suggests Nigeria is beginning to attract more regional cargo movement within West Africa, a critical objective as AfCFTA gradually dismantles trade barriers across the continent.
The maritime reforms being pursued under the administration of President Bola Ahmed Tinubu have centred on infrastructure upgrades, digitalisation and institutional restructuring aimed at transforming the country into a leading maritime logistics hub in Africa.
A major component of the reforms is the ongoing rehabilitation of the Lagos Port Complex and Tin Can Island Port following the approval and signing of the MOU for $1 Billion overhaul of longstanding infrastructure deficiencies for improved port competitiveness.
Minister of Marine and Blue Economy, Adegboyega Oyetola, has also disclosed that procurement processes are underway for upgrades in Warri, Port Harcourt, Onne and Calabar ports as part of efforts to ensure balanced port development nationwide.
In addition to physical infrastructure upgrades, the government is pushing an aggressive digitalisation agenda through the deployment of the Port Community System and the National Single Window platform to streamline cargo clearance processes, reduce delays and improve transparency.
Industry stakeholders believe these initiatives could significantly lower the cost of doing business at Nigerian ports while improving turnaround time and operational efficiency.
The government has also expanded investments in rail integration, inland dry ports, barging operations and export corridors to improve cargo evacuation and reduce congestion around port corridors.
Security improvements within Nigerian waters have further strengthened confidence in the sector.
Nigeria has now recorded over four years without piracy incidents, a development attributed to the Deep Blue Programme and enhanced maritime surveillance systems.
According to the NPA, the Q1 performance demonstrates that the maritime sector is evolving into a more cargo-intensive and commercially dynamic ecosystem capable of supporting economic growth, trade facilitation and regional connectivity.
Despite the progress, Dantsoho recently acknowledged that Nigeria still handles only about 25 per cent of cargo traffic in West Africa despite accounting for more than 60 per cent of the region’s GDP, stressing that the country must sustain ongoing reforms to fully optimise its maritime potential.
“With sustained commitment to these initiatives, Nigeria’s port system will enter a new phase and emerge as a leading maritime logistics hub in Africa,” he assured.
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