The President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, has appealed to the Nigerian Government to take urgent steps to make it easier for local businesses to trade with China. His main focus was on improving and expanding the Nigeria–China currency swap agreement, which he said is not being fully used.
Chief Obegolu made this appeal during a visit to the Nigerian Embassy in Beijing, China. He expressed serious concern about the challenges Nigerian businesses face when trying to make payments to their Chinese partners. He said the difficulties in exchanging currency and making international transfers have become a major problem.
Last year, the Central Bank of Nigeria renewed a 15 billion yuan ($2 billion) currency swap deal with China. The agreement was meant to help businesses in both countries trade without needing U.S. dollars. But according to Obegolu, the agreement is currently used for less than 10 per cent of the total yearly trade between Nigeria and China.
In a statement released by the ACCI’s Media and Strategy Officer, Olayemi John-Mensah, it was revealed that many Nigerian entrepreneurs have lost large sums of money while trying to send business funds to China through informal channels. These channels, often unregulated and risky, expose traders to fraud and delays.
Obegolu said the current currency swap deal, though a good idea, is not helping enough people. He called on both Nigerian and Chinese governments to revisit the terms of the agreement and make it more useful. He also recommended expanding the value of the swap, making the exchange process digital, and allowing commercial banks to handle direct Naira–Yuan transactions.
“We have received many reports of Nigerian business people losing money due to unreliable currency exchange methods. Some were even scammed. This damages trust and weakens our trade ties with China,” he said. “We must improve the system to protect businesses and make trade easier and safer.”
He said improving the swap arrangement would reduce the cost of transactions, cut dependence on the U.S. dollar, and protect Nigerian businesses from avoidable risks. Obegolu also recommended better awareness and training for business owners on how to use the currency swap program.
He added that if banks and other stakeholders work together, it would be possible to create a smoother system for exchanging money between the two countries. This would help businesses avoid costly and dangerous informal markets.
The ACCI President also urged the Nigerian Embassy in China to do more to connect Nigerian and Chinese businesses and to support efforts that would remove trade obstacles. He praised the broader cooperation between both countries in infrastructure, telecoms, agriculture, and energy, but insisted that a strong financial system must support these efforts.
He called for greater teamwork between embassies, financial regulators, and private sector organisations to create smooth currency exchange systems and promote local currency settlements for international trade.
Obegolu promised that ACCI would continue supporting government policies that promote economic growth, international trade, and protection for Nigerian businesses abroad. He said the Chamber was working closely with Chinese organisations to improve investment, build capacity, and create business opportunities for Nigerian entrepreneurs.
During the visit, Obegolu was joined by Mr. Tony Ejinkeonye, a former ACCI president. They both thanked Ambassador Babagana Wakil and staff at the Nigerian Embassy in China for their support to Nigerian businesses.
