The Lagos State Chapter of the All Progressives Congress (APC) has lauded the decision of the Chinese government to accept the Nigerian Naira for international transactions, describing it as a groundbreaking step that would accelerate the nation’s economic revival under President Bola Ahmed Tinubu.
In a statement released on Monday, the party’s spokesperson, Seye Oladejo, explained that the acceptance of the Naira by one of Nigeria’s largest trading partners would immediately reduce the country’s overdependence on the United States Dollar for imports and exports.
Oladejo emphasized that the policy would bring relief to businesses, importers, and manufacturers who had long struggled with exchange rate volatility. According to him, this measure will not only reduce pressure on Nigeria’s foreign exchange market but also strengthen the Naira and contribute to sustainable economic stability.
“China remains one of Nigeria’s largest trading partners,” Oladejo stated. “The ability to settle transactions directly in Naira means lower costs, faster payments, and improved ease of doing business.”
The APC spokesperson further explained that the policy would help cut the cost of essential goods, machinery, and technology imports while simultaneously improving access for Nigerian exports to penetrate the Chinese market. He stressed that this development would encourage local industries to ramp up production, knowing they now have easier access to one of the world’s biggest consumer markets without heavy reliance on the Dollar.
Oladejo also noted that global investor confidence in Nigeria would increase as a result of China’s decision. He added that this new currency acceptance would attract foreign direct investment and align Nigeria with the global financial trend of multipolar trade where emerging economies are pushing their currencies forward.
Taking aim at critics, Oladejo declared that the breakthrough “shatters their doomsday narrative,” stressing that the Tinubu administration is firmly steering Nigeria toward economic recovery and long-term growth.
The Lagos APC congratulated President Tinubu, the Central Bank of Nigeria (CBN), and the Ministry of Finance for what it termed a “visionary achievement.” The party called on manufacturers, exporters, traders, and financial institutions to seize the opportunity and leverage the benefits of the landmark agreement.
okay.ng reports that the APC leadership sees this as one of the most important diplomatic and economic moves in Nigeria’s recent history.
