Stakeholders in the Maritime Industry have expressed optimism about the Nigeria-China currency swap agreement, noting that it has potential benefits embedded in it.
The deal which aims to relieve external funding pressures and facilitate trade between the two countries.
Chairman of the Customs Consultative Council, Hakeem Olanrewaju, speaking at a recent breakfast meeting organised by the Maritime Reporters Association of Nigeria (MARAN) posited that the agreement will address inflation and trade facilitation challenges.
On his part, the former Acting President of the Association of Nigeria Licensed Customs Agents (ANLCA), Dr. Collins Farinto, commended the Tinubu administration for its bold decisions but urged the government to tackle infrastructure challenges hindering trade facilitation.
He called for improved infrastructure, including a functional rail system to make the Lekki Deep Sea Port viable.
He urged the disbursement of the Cabotage Vessel Financing Fund (CVFF) to support local shipping and financial support for MARAN to lead the implementation of the currency swap deal.
Potential benefits according to the stakeholders include Trade Efficiency, as they pointed out that the agreement can enhance trade efficiency and external sector diversification.
They added that the deal may offer new trade opportunities for Nigeria’s maritime industry with China.
The stakeholders’ optimism highlighted the potential for the currency swap agreement to boost trade and economic cooperation between Nigeria and China.