The Chairman, Customs Consultative Council (CCC), Aare Hakeem Olanrewaju has expressed optimism that the currency swap agreement between Nigeria and the People’s Republic of China will address the challenges of inflation and other issues affecting trade facilitation in the country.
Olanrewaju stated this in his opening remarks at a breakfast meeting organized by the Maritime Reporters Association of Nigeria (MARAN) at Rockview Hotel, Apapa recently.
Continuing, Olanrewaju who was the Chairman of the occasion which drew attendees from far and near said: “A research which was conducted over ten years 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.”
According to him, statistics show that Chinese Yuan 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.
On his part, the former Acting National President, Association of Nigeria licensed Customs Agents (ANLCA), Dr. Collins Farinto commended the Tinubu administration for the courageous decisions it taken so far to move the country forward.
He however wants the Federal Government to tackle challenges of infrastructure which has being an impediment to trade facilitation so as to efficiently implement the currency swap deal between Nigeria and China.
Farinto also called for the immediate disbursement of the much awaited Cabotage Vessel Finance Fund (CVFF) as well as the construction of a functional rail system to make the Lekki deep seaport viable.
He enjoined the Federal Government to provide the financial support to MARAN to enable it lead in the implementation of the currency swap deal between the two countries.
The Nigeria-China currency swap deal was hinged on Nigeria’s determination to relieve external funding pressures and ensure trade facilitation between both countries.
Following the development, Nigeria and China have engaged in a series of negotiations for a bilateral currency swap framework.
