The All Progressives Congress (APC) Lagos State Chapter praises China’s decision to accept the Nigerian Naira for transactions, deeming it a landmark achievement in Nigeria’s economic diplomacy and a major stimulus to recovery efforts under President Bola Ahmed Tinubu.
According to a statement released on Monday by the party’s spokesman, Mogaji Seye Oladejo, the policy would decrease Nigeria’s reliance on the US dollar for international trade, providing immediate relief to businesses, importers, and manufacturers.
“China remains one of Nigeria’s largest trading partners. The ability to settle transactions directly in Naira means lower costs, faster payments, and improved ease of doing business. It will also make imports of essential goods, machinery, and technology cheaper while opening wider access for Nigerian exports into Chinese markets,” Oladejo said.
Oladejo stated that the decision will reduce pressure on the foreign exchange market, strengthen the Naira, and ensure greater economic stability. He further observed that the policy would encourage local producers to expand their operations, confident that their goods could now access one of the world’s largest consumer markets without substantial reliance on the dollar.
The APC also contended that China’s acceptance of the Naira would enhance global investor confidence, attract fresh foreign direct investments, and position Nigeria within the growing global shift toward a multipolar financial system where emerging economies advance their currencies in international trade.
Taking aim at critics, Oladejo stated that the move “invalidates their doomsday narrative,” emphasizing that under Tinubu’s leadership, “Nigeria is firmly on the trajectory of economic recovery and growth.”
The party also congratulated President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for what it described as a “groundbreaking achievement,” while urging manufacturers, traders, exporters, and financial institutions to capitalize on the benefits of the development.
“This is not just about foreign exchange; it is about the repositioning of Nigeria as a strong player in global trade. The opportunities that come with this breakthrough must be embraced fully by our business community,” Oladejo added.
