The Lagos State chapter of the All Progressives Congress (APC) has hailed China’s decision to accept the Nigerian Naira for trade transactions, describing it as a landmark moment in Nigeria’s economic diplomacy and a major boost to the country’s recovery drive under President Bola Ahmed Tinubu.
In a statement issued on Monday by the party’s spokesman, Seye Oladejo, the APC noted that the development would significantly reduce Nigeria’s overdependence on the US dollar for international trade. According to him, the policy promises immediate relief for businesses, importers, and manufacturers by easing foreign exchange pressures, strengthening the Naira, and fostering greater economic stability.
Oladejo emphasized that China, being one of Nigeria’s largest trading partners, offers vast opportunities for growth. He explained that the ability to conduct transactions directly in Naira would lower costs, accelerate payments, and enhance the ease of doing business. He added that the move would make imports of essential goods, machinery, and technology more affordable while also creating wider access for Nigerian exports in the Chinese market.
The APC further highlighted that the policy would encourage local producers to expand operations, boost investor confidence globally, and attract new foreign direct investments. The party also framed the development as part of a wider global shift towards a multipolar financial system, where emerging economies assert their currencies in trade. Taking a swipe at critics, Oladejo said the breakthrough undermines opposition “doomsday narratives” and underscores that Nigeria is firmly on the path of economic recovery.
Congratulating President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance, the APC described the achievement as visionary. The party called on manufacturers, traders, exporters, and financial institutions to take advantage of the new framework to maximize benefits for the Nigerian economy.
