Nigeria-China relations: ACCI urges FG to reform currency swap, strengthen trade framework
By Matthew Denis
The President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, has called on the Federal Government to take immediate and strategic action to address the mounting challenges Nigerian businesses face when trading with China, particularly regarding currency exchange and international payments.
In a statement issued by the ACCI’s Media & Strategy Officer, Olayemi John-Mensah, Chief Obegolu made the call during a visit to the Nigerian Embassy in Beijing, China.
He voiced serious concerns about the increasing reports of Nigerian entrepreneurs losing significant amounts of money due to informal currency exchanges and fraudulent transfer practices when conducting legitimate business with Chinese partners.
“These incidents are undermining trust, damaging trade integrity, and jeopardising the long-term stability of our commercial relationship with China,” he said.
Pointing to the underperformance of the Nigeria–China currency swap agreement, Chief Obegolu noted that the deal currently accounts for less than 10 per cent of annual bilateral trade, despite its potential to simplify transactions.
He described the recent renewal of the swap agreement, valued at N3.28 trillion (15 billion Yuan), as a positive step, but stressed that its implementation must be overhauled to align with the growing trade volume between the two countries.
He proposed an expansion of the value and duration of the currency swap agreement, the active involvement of commercial banks in facilitating direct Naira–Yuan transactions, and the digitisation of the interbank exchange platform in collaboration with Chinese banks.
Additionally, he called for widespread education and awareness campaigns for traders on the benefits and usage of the mechanism.
“If properly implemented, the currency swap programme will lower transaction costs, reduce reliance on third-party currencies such as the U.S. Dollar, and shield Nigerian businesses from avoidable risks,” Chief Obegolu stated.
“Focused policy action is required to institutionalise this framework as a primary tool for international trade,” he added.
The ACCI President urged both the Nigerian and Chinese governments to revise the operational framework of the swap agreement to fully unlock its potential.
He also appealed to the Nigerian Embassy in China to enhance its support for business linkages and advocacy efforts aimed at removing trade barriers.
While acknowledging the successes of Nigeria–China cooperation in sectors such as infrastructure, agriculture, telecommunications, and energy, Chief Obegolu underscored the necessity of a robust financial architecture to facilitate seamless trade settlements.
He concluded by reaffirming the ACCI’s commitment to supporting government policies that foster economic diversification, international trade growth, and the protection of Nigerian businesses abroad.
The Chamber, he said, is actively working to foster partnerships with Chinese institutions to promote investment, business matchmaking, and capacity-building opportunities.
Chief Obegolu was accompanied on the visit by Mr. Tony Ejinkeonye, a former President of ACCI. He also expressed gratitude to Ambassador Babagana Wakil and the Embassy staff for their ongoing support of Nigerian businesses in China.
