APC applauds acceptance of Naira by China, says it will boost economy

By ESEGHA MIRACLE, BAUCHI

The Lagos State Chapter of the All Progressives Congress is thrilled about China’s decision to accept the Nigerian Naira for transactions, viewing it as a significant step forward in the country’s economic diplomacy. This move is seen as a positive boost to Nigeria’s recovery efforts under President Bola Tinubu.

In a statement released on Monday, the party’s spokesman, Seye Oladejo, expressed that this policy will help reduce Nigeria’s heavy reliance on the US dollar for international trade, offering much-needed relief to businesses, importers, and manufacturers.

Oladejo highlighted that this initiative is expected to ease the pressure on the foreign exchange market, strengthen the Naira, and contribute to greater economic stability.

Since China is one of Nigeria’s largest trading partners, this change is anticipated to make importing essential goods, machinery, and technology more affordable while facilitating broader access for Nigerian exports to Chinese markets.

Additionally, Oladejo noted that this policy would encourage local producers to increase production, as they now have the opportunity to reach one of the largest consumer markets without a heavy dependence on the dollar.

The APC also believes that China’s acceptance of the Naira will enhance global investor confidence, attract new foreign direct investments, and align Nigeria with the global trend towards a multipolar financial system where emerging economies promote their currencies in trade.

Oladejo took the opportunity to counter opposition views, stating that this development undermines negative narratives and reinforces Nigeria’s path to economic recovery and growth under Tinubu’s leadership.

The party extended congratulations to President Tinubu, the Central Bank of Nigeria, and the Ministry of Finance for this “visionary achievement,” encouraging manufacturers, traders, exporters, and financial institutions to make the most of this opportunity.