Determined to relieve external funding pressures and ensure trade facilitation between Nigeria and China, both countries engaged in a series of negotiations for a bilateral currency swap framework.
Chairman Customs Consultative Council, Aare Hakeem Olanrewaju who is the Chairman of a Breakfast meeting held by Maritime reporters association of Nigeria, MARAN, expressed optimism that the currency swap agreement between Nigeria and China will, no doubt, address the challenges of inflation and other issues affecting Trade facilitation in the country.
“A research of over ten years conducted shows that prices of goods go up in Nigeria compared to other countries of the world. I believe the decision of MARAN to organise this breakfast meeting and bring stakeholders together will give us an insight into the benefits and challenges of the currency swap between Nigeria and China”, he said.
Statistics showed that China is a strategic tool for trade efficiency and external sector diversification. It has the potentials to offer Nigeria’s maritime industry new trade opportunities with the country’s trading partner, China.
Former Acting National President, Association of Nigerian Licensed Customs Agents, ANLCA, Dr. Kayode Farinto commended the Tinubu administration for the courageous decisions taken to move the country forward.
He however, wants government to tackle challenges of infrastructure which has been an impediment to trade facilitation so as to efficiently implement the currency swap deal .
Farinto also called for the construction of a functional rail system to make the Lekki Deep sea port viable and disbursement of the Cabotage Vessel Financing Fund, CVFF.
He urged the federal government to provide the financial support to Maritime Reporters’ Association of Nigeria, MARAN to enable the first maritime media association lead in the campaign for the implementation of the currency swap deal between the two countries.
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