Nigeria’s foremost maritime beat association, the Maritime Reporters’ Association of Nigeria (MARAN) is set to beam its searchlight on the Nigeria-China Currency Swap deal.
This is in furtherance of its agenda-setting role and interrogation of key government policies as they affect the maritime industry.
The President of MARAN, Mr Godfrey Bivbere, said this in a statement on Wednesday in Lagos.
Bivbere noted that the event themed Navigating the Nigeria-Peoples Republic Of China Currency Swap: Opportunities and Challenges for Import, Export and Maritime Business was set to take place on April 15, in Lagos.
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 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.
“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 said.
The MARAN president disclosed that discourse at the event would evaluate the implications of the Currency Swap while discussing how the Nigeria-Peoples Republic Of China currency swap would 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 would 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 and 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.
