ANLCA Condemns Buhari’s Currency Swap With China

Members of the Association of Nigerian Licensed Customs Agents (ANLCA) have criticised the recent trade agreement which President Muhammadu‎ entered into with the Republic of China, saying that such an agreement will not lead to ease of doing business at the ports.
National Publicity Secretary of ANLCA; Mr. Kayode Farinto told Shipping Position Daily last week that the association expected the Buhari administration to come up with a maritime policy which will drive any foreign agreement.
He said the government has kept mum about the automotive policy which was introduced by the Jonathan administration and which the Buhari administration had promised to revise.
‎Speaking on the agreement President Buhari had with China on currency swap, Farinto said: "It is alien to our economy, it has never happened in the history of this country; we need time to study it. Everywhere in the whole world, Dollars used to be the main currency, but now that you are bringing in Yuan, I am not an expert in economics, but my question is; would this change the situation we are in? The answer is No"
"They cannot have access to the Chinese cash, what they would do is bring in importation, I don't know how this will work, I am not being a pessimist, but let's give it 90days, any international trade will mature under 90days, if it does not work, then we should throw it in the waste bin"
"Ordinarily, we expect the present government to have come up with a new amendment to the auto policy, considering the promises the Vice President made, the government would be one year old and they are still holding on to the Jonathan method, the government is paying lip service to maritime" he said
The ANLCA spokesman lamented that currently the ports are performing below optimum and the level of importation has continued to drop. 
He attributed this to the fact that banks were not ready to give the consignees a helping‎ hand, stressing that the 41 items on the prohibition list is still having effect on the Nigerian economy.
Also speaking with Shipping Position Daily on the currency swap with China, former image maker of ANLCA at PTML Chapter, Mr. Gani Adeola‎ noted that before the collaboration between Nigeria and China can work, there must be a local policy on ground.
He warned that no foreigner will like to invest in an unsafe and unstable policy environment‎.
‎According to him, traders are ready to do business, but there is no policy to guide them.
He said: "The Buhari administration is clamouring for more foreign investors while the existing ones are packing out, their excuses was that they cannot be coming to Nigeria with empty vessels"
"The ports are dry, and the Buhari administration has‎ not come forward with any economic policy, all our importers are waiting for further directives from us, and we have not heard any directive from customs"
"There has been no tariff or policy amendment, it is the same Jonathan Policy that they are implementing, as I am talking to you now the ports are dry".