Nigeria-China currency swap pact yielding results – ANAMMCO


A leading vehicle manufacturing company in Nigeria, ANAMMCO Ltd., has declared that the Nigeria-China currency swap agreement had started yielding positive results.

The company’s sales manager, Mr. Olalekan Sanyaolu, made the declaration Monday during a Road Show within Enugu metropolis to showcase Dongfeng Trucks being manufactured and sold by the company in Nigeria for West African market.

The swap deal signed in July 2018, is a three-year agreement which allows both the Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC) to swap a maximum amount of 15 billion Chinese Yuan for N720 billion.

The aim of the agreement was to finance trade and investment between Nigeria and China, maintain financial market stability and facilitate other connected purposes as may be agreed upon by both countries.

According to Sanyaolu, the partnership with the Chinese company, Dongfeng, and ANAMMCO Ltd was also facilitated by the renewed synergy and co-operation between Nigeria and China.

He said, “The recent direct current swap agreement between Nigeria and China as well as ease of getting Chinese currency further made the partnership possible.

“However, the federal government through the Central Bank of Nigeria (CBN) should ensure that businessmen and women get enough of the exchange to be able to complete business deals in time.

“Placing limit or making genuine investors have the Chinese currency in trenches slows down business. The CBN has to really work on this since the Nigeria-China relationship has started yielding positive fruits by the increase in employment and foreign exchange conservation by the bouncing back of ANAMMCO truck production lines.”

Continuing, he said, “Dongfeng is one of the world leading truck manufacturers and number one in vehicle manufacturing in Asia for over 50 years dominance.

“With the partnership, ANAMMCO is manufacturing Dongfeng trucks in its truck plant manufacturing lines.

“Since Mercedes Benz pulled out of Nigeria; Dongfeng remains the only company that has a product (truck) that could match the manufacturing lines initially built on Mercedes rugged specifications.

“Dongfeng truck is very low emission vehicles unlike European vehicles and the tracks have high cost efficiency, strength, and durability rate as well as availability and guaranty of genuine spare parts with Dongfeng logos.

“The trucks are low fuel consumption rate of 20 litres for every 100 kilometres (for normal truck) and 25 litres for every 100 kilometres for the long trucks.

“It has a strong shock absorbing and spring system meant to carry loads, withstand rugged road and extensive use. The interior of the trucks are well-designed and air conditioned to provide maximum comfort and other safety features.

“The spare parts and after-sales support services for the trucks can be gotten within metropolis of major cities in West Africa.” (NAN)

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